I'm not so sure.
I was a heavy Google Reader user too, and my memory of its demise is that replacements started popping up almost as soon as the shutdown was announced. Heavy Google Reader users like the media makers Anil mentions migrated to replacement services like Feedbin. The loss of Reader was an inconvenience, but I don't think it's what killed the blogosphere. And media misinformation was widespread and effective long before Reader was even born, much less dead.
I think Twitter and Facebook (but especially Twitter) killed the blogosphere, and I think it would have happened even if Reader had lived. The change was already well underway before Reader died in 2013.
I was a heavy blogger and blog reader for over a decade before Twitter, but by 2012 my blog output had slowed to a crawl because I was saying most of the things I had to say on Twitter. I even joked about it on Twitter at the time. As more and more others did the same, Twitter became my primary source for the kinds of information I used to get from blogs.
By the time Google Reader actually died, many of the other bloggers I had been reading for years had also stopped blogging and started tweeting instead. Even though I had migrated to Feedbin, many of my feeds dried up.
Is RSS itself going to make a comeback? I doubt it. There's a bit of a backlash against algorithmic feeds right now because people are starting to feel like they don't have a choice in the matter and they want more control, but these things rarely result in the revival of old ideas.
More likely we'll see a gradual erosion of anti-algorithmic feed sentiment coupled with some new ideas and services that either help placate the die-hard algorithm haters or give them enough control that they're able to make algorithmic feeds work to their benefit.