I think it's more complicated than that.
Reality TV is not only cheep, it's really cheep compared to more professionally produced TV programs. And what we're seeing is corporatism and media running just completely out of control in their ever-competitive grab for people's attention spans. More channels means less viewers. More internet and devices means more distractions besides TV. TV networks are producing/selling what they can afford to produce with the numbers they have, and consumers are buying.
A person with a smart phone can't even sit in a darkened movie theater anymore without forgetting that he just paid $11.50 for this experience; so great is his need to be plugged in. Car Crash Guy's ST09 review at one point summed up exactly what is happening with our media. What's one TV network in the face of all the ever-exploding media options available?
Even LOST would not generate the numbers today that it did in 2004-2010. And a 'hardware' oriented sci-fi show? Who knows. BSG may very well remain the last of those to get a successful run.