Prior to the internet and social media there was less noise, hence a higher signal to noise ratio.
Take something as simple a speed limit sign. That sign is not literally 'true', it simply refers to what the calculation for penalties will be based if you exceed the unstated actual speed limit. Reporting is at best a game of telephone, social media ends up so many hops from what actually happens to be nearly completely separated from reality.
Sure there may have been more signal to noise ratio, but robber barons had much more influence. Like Bezos and WaPo but EVERY paper.