On the downside, it does away with ethical and quality standards, in trying to maximize viewership while minimizing cost, which in turn tends to make the content objectionable anyway.

I remember TV from my childhood being just people shooting each other and screaming at each other. Advertisers didn't have any problem with that, or with monsters tearing people apart or with gangster rap.

Counterpoint, the owners and showrunners of those TV channels decide what is aired and how, so a lot of TV channels have become propaganda outlets for one side or another. Most infamous in the English speaking countries is News Corp / Rupert Murdoch, who has pushed a right-wing, anti-lgbt narrative for a long time now.