I've been thinking more about some conversation recently about where the money to presidential campaigns *really* ends up (advertisers). And since those are basically those reporting the news or spreading information, this is a really super perverse incentive in a positive feedback loop and maybe that's a major undetected underlying problem here.
The closer the race, not only are there more views for political news, the more donations come in to both campaigns a large percentage of which go to political news outlets.
So for-profit journalism is doubly incentivized to report based on what keeps the race close.