John Naughton puts it very succinctly
The reason that sections of the UK mass media are so awful is simply that there’s a market for intrusive crap. People continue to buy disgraceful newspapers, so bad behaviour is always rewarded, not punished. The only thing that would change that would be for consumers to make ethical decisions when buying papers. And they don’t. The elephant in Leveson’s court-room was the Great British Public. But nobody talked about that during the proceedings.
You can bet your bottom dollar nobody talked about that. Which of the people involved in the proceedings would be willing to bite the (public) hand that feeds them?