Should the FCC be returned to pre-Reagan standards?

Prior to Reagan the FCC required that broadcasters air a minimum of locally produced content a week, children’s programming that had merit (rather than trying to sell toys and junk food) and controlled the number of outlets a media company could own in a local area. The purpose was to recognize that the air-waves were publicly owned, and the license to broadcast carried with it an obligation to be a service to the community, and addressing the needs of the community was paramount. Now, most radio stations carry homogenized national programming, and TV stations show syndicated pablum. Even news programming is dependent on national news outlets for most of their content, and often this content is just quality crafted public relations rather than news.
Would it not be better for everyone if local media were actually “local”?