Maybe things are different in Canada than the USA. But we have many professions in Canada that are self-governing. The governing bodies establish who can practice--and enact disciplinary measures for members who fail to serve the public. These governing bodies recognize that there are different ways to build a bridge or treat a mentally ill patient, but when the practitioner gets out of line with accepted ways, that person is shut down.
I can't see why journalism cannot police itself in this way. I know there are standards in Canada, maybe not as enforced as they should be. I believe there is an informal code in the USA, based on Walter Cronkite's wisdom.
And I recognize the importance of free speech. Those media outlets who want to spew lies--they should eventually be cast aside from the government/subsidy this idea spawns.