From James Poniewozik's Time article Threats with Teeth:

To live every week like it's Shark Week, then, might be a metaphor for living in our media environment: to spend every week titillated by unlikely threats, getting whipped into frenzies, yawning over high-minded stuff like health-care policy and supping from the delicious chum bucket of hysteria. The President is a secret Kenyan who faked his birth certificate! Terrorists are coming to get you! And the world is going to end, six different ways! But first a word from our sponsor.

Coincidentally, one of the best recent critiques of how media overkill works is airing during Shark Week. Summer is high season for media freak-outs. This year, we've had celebrity deaths, political sex scandals and a conspiracy theory that President Obama was born outside the U.S., revived by the likes of CNN's Lou Dobbs. Sharkbite Summer (Aug. 4) looks back eight years to when a few high-profile shark attacks sent the media into their own feeding frenzy. The summer of 2001, postrecount and pre-9/11, was notoriously slow on news. (Hence, it was also the season of the Chandra Levy media circus.) So when an 8-year-old boy was mauled by a bull shark in Florida, a hungry press attacked.