They shunned that like the plague, having seen enough of such idiocy in England. Instead, they threw it wide open to all, knowing full well that some journalists would be incompetent, biased or on the take. They counted on enough of them being the opposite and the populace having the good sense to tell the difference. They were convinced freedom of the press, like freedom of speech, would over the long haul enable truth to out-wrestle falsehood in a fair fight. Over the years, not always well, but not always badly, either.
Journalism history is larded with horror stories of incompetence, cant and corruption.
It also shines with examples of superb reporting. On the whole, the system has worked well better than that in any other country. In recent times, though, the bars of ethics and professionalism have been lowered, peg by peg. It's a threat to the nation, for the above reasons. Blame most of it on the hypnotic lure of television.