But the margins are the issue here, and this is all at the frequency of the news cycle. Take a look at the objections put together at the top of the comment tree on this page. They point out exactly why this won't work.
Do consider that this has to happen at the speed of the news cycle!
This means that volunteers and journos have to report fast enough to be relevant or helpful. Thats a lot less time for volunteers to fact check or respond.
The goal does not have to be to ascertain and adjudicate truth. It only has to detect attempts to deceive. Right now we don't have a good way of doing that other than everybody building up their own internal filter.