First off, let me say that bangbus in a sense is the exception to the rule. These guys were pretty much the first, and they still have style and humor over and above pretty much everyone.
That being said, reality porn is dead mostly because it isn't real, not even close. More importantly, it rarely comes close to hitting the fantasy of most guys (and girls for that matter).
Most guys don't have the balls to walk up to a girl and say "my name is bob, I have a big cock, let's go to my van / house / apartment / hotel / car and fuck like wild animals and then I will dump a load on your face, okay?". Most guys are way to meek for that, and most reality porn as a result isn't in their reality anymore. Basically, you can do it a few times (different bangbus type sites) but after a while people are repeating the surface but not the underlying substance.
Example (I hope this is linkable):
http://trailers1.bangbros.com/bangbus/bb949/trailer.wmv
Redshoe, you are correct. It isn't just reality, though... it's cookie cutter stuff. No target audience except "who those other guys get traffic from" and that's it. No craft, no style... and no, it can't be fixed in the edit.
Alex