Hmmm. I think your analysis is pretty spot on, though I don't think it's true that progressivism headed for the dustbin of history.
All the points you bring up are true: there is a deeply pro-Capitalist media who will reliably either ignore or ridicule any actual progressive candidates or ideas. They have allowed Republicans to create the narrative that progressives are the "radical" ones, while they work to actually tear down our democracy.
Our only hope is that the media who a) always dismissed progressives and b) gave Trump all the attention he wanted, only to be called "enemies of the people" for marginally doing their jobs, will finally wake up to the fact that there are many, many Americans who want some real change. We've been suffering under "trickle down economics" for decades, and it's done nothing but make average American's lives worse in every way. Only one party has any members who are trying to address that in a substantive way.
But, if the media continue to try and play to the middle on everything, they will only alienate themselves further (already right-wingers won't listen to them because they don't repeat the party line).
And that's not even counting the ways progressives are hamstrung in a political system that requires massive amounts of money to participate. We need some changes to get the money out of politics or we'll never see change - which HB 1 would do, as it sits gathering dust on McConnell's desk.