Yes, more content adds more value. But past a certain point of saturation, it no longer adds enough additional value to compensate its creators. My argument is that we are long past that point.
Which would be more valuable, doubling the world's content, or doubling the amount of time and money to spend on it?
Let's say we cut "literary production" in half somehow. Is it better if everyone writes a little bit, or if we all pay someone who's really good at it to do it? I'd rather read a professional writer than my own ramblings, which means I'd rather a subset of good writers were able to earn a living off it.
Which would be more valuable, doubling the world's content, or doubling the amount of time and money to spend on it?