They shouldn't completely change what they do but focus on quality valuable content. When I read something on AVC, Paul Graham's Blog or Ben Horowitz' blog I find direct value. I learn something new or how to fix a problem I'm facing. Many TechCrunch posts are "Is Instagram for Video a big market?" or "Why the internet is dead?". You sometimes get clicks but it devalues the content.

I don't mind funding announcements when they're mixed with product announcements or are an overall profile. I like how Sahil did it with Gumroad, he announced Gumroad has raised X amount of money and has launched our product and the article included a video interview. Copying a press release or quoting a company blogpost doesn't add value.

Many people still value TechCrunch, it's source for investors and influencers too, to track companies they may be interested in investing in. If TechCrunch just became editorial it would lose this and most of the value.