Yes, the media will milk anything that gives them ratings/profits. Media companies are ruthless in their pursuit of stirring up the public - so long as the public is watching the specific media outlet desired. There is definitely some truth behind the notorious "internet predators", however this threat mainly falls on less tech-savvy generations in America - ie. Old folks
Yes, the "internet predator" threat has been greatly exagerrated by the media. Though there certainly are individuals with maleful intent on the internet, most people who use the internet are normal, kind human beings. The media will often exagerrate threats in order to garner ratings, and there is no exception here.
The media may like to come up with some very exaggerated content, but the threat of internet predators on those who are not tech savvy is a real thing. Those who are at risk are typically very young and very old people. As long as there are people who can be manipulated through the internet, predators will find a way to violate them.