Well, you just invented slashdot. It's fallen by the wayside now, because places like this, with (largely) unmoderated user generated content, can distribute news faster.
I do agree with you, but if HN were so go at news then why does TechCrunch, ReadWriteWeb, GigaOm, AllThingsD, Mashable, etc... exist? HN isn't really a content creator, it's a distributor of content that has already been created at those sites mentioned. HN is a great community of news commentators, but HN is terrible at allowing people to generate content and articles themselves.
And those types of content creators (editors) put so much hard work into their pieces they want to find a good home for their articles, a permanent place of existence. People writing guest posts for TC, RWW, GO, ATD, Mash, can just as easily make a post here on HN. But they don't. No one wants to put in so much hard work and research just for it to disappear into the jungle of links and never be found again.
