The last 'few' times the media have been allowed to self regulate, certain sections of the media ( tabloids) have shown that statutory underpinning is the only way to truly ensure that the media are held accountable for everyone... Not just those with access to top lawyers and super-injunctions.
A free press is great, press that prints half-truths and un-truths without redress isn't.
I don't know about it being fashionable to hate on the press, to me it is wonderful that we now question what we read.
Gone are the days we instinctively digest whatever political leanings the daily paper is favouring at the time with our cornflakes hopefully!