I for one think killing content is a good thing. The web is full of garbage and it would be great to rid of 90% of it. Content for the sake of content does not deserve to exist.
Absolutely! The web is FULL of garbage! I get humor out of these posts on HN, because it's pretty clear there's the group of people (myself included) that see advertising as a kind of assault on free will (which it is), and then there's the group of people who are obviously running some kind of content or business supported by advertising who are reeling at the thought of people out there that are so militant against the means through which their business survives. Reading the comments here that are pro-advertising to me have every marker of "You are calling my business a pile of shit".
I don't run a business, and my employer doesn't even do advertising on the web AFAIK. But I do use the web quite a lot, and I wouldn't want to see it all go away. Even this site is basically a giant ad for Y Combinator that features smaller ads for Y Combinator companies. All of the news sites I read are supported by ads. Most of the discussion forums I've used have been supported by ads. I don't value ads — I value the web that they support.
What if that 90% included 99% of the good content? When you make web sites almost universally unprofitable, you're not going to just kill "content for the sake of content." You're going to kill content indiscriminately, including content that relies on a paywall rather than ads for revenue, because sites like that need to be featured on other sites (i.e. run ads) to get visitors.