Caps on campaign spending are there for reasons. A campaign should contribute to meaningful public discourse. Nothing more.
> the American media is free enough to have reported on it
Private media can be biased. Either explicitly (lying to peoples faces), or implicitly (self-censorship on stuff related to the owner). Surprisingly, in several countries - such as Britain or Czech Republic - state-owned media are the one sticking to higher values.
> American citizens are now well-informed enough to know that some of the folks they talk to online are paid, and the American election will be based on the interactions of a free people
Well, there are multiple studies in several countries which show the opposite. Quick google search yields one such https://thehill.com/homenews/media/392870-pew-study-finds-am...