That's what staion owners think but they are missing part of the picture. And so so chief engineers. I talk to one whose station lost a chunk of coverage when they gave up VHF. His argument was that UHF does penetrate buildings better. Ahm ... they've all got cable down there in the city.
The folks with more disposable income, a.k.a. prime targets for ad revenue, do not live there. They live in the suburbs. Many purposely do not have satellite of cable because they don't want the TV to dominate family life. But they do watch the news, or used to. That's where reception became unreliable. So what do those people do? They upgrade their Internet for more megabytes/sec, watch the news there, and subscribe to Netflix. Viewer numbers for stations shrink, ad revenue shrivels up, personnel costs need to be reigned in. Some of the latter is clearly noticeable by now.