You're presupposing that these blogs are producing content worth paying for. The unfortunate truth is that the overwhelming majority of blogs (99.9%+) are not.

The PPV model can at least cover the cost of bandwidth. If you are loading the page, it must be at least some value to the user, say 1/10th of a cent.

Then why is everyone so nostalgic for the old days of the blogosphere to return? If blogs are all worthless, then we shouldn't care that they're disappearing and/or being put behind paywalls; we haven't lost anything.