That "right wing programming crap" brings ratings. Look at WFOM before and after flipping to conservative talk. De gustibus non est disputandum. There has been a decline overall in political talk listenership, but that's more a function of demos and alternative means of consumption (e.g., podcasts) favored by younger demos, not content. And that's a problem all over radio and not tied to any one format.
What doesn't work on AM anymore is music. Nobody wants to listen to music on a low-bandwidth, RFI-laden station with so many other alternatives. Pop music isn't written and produced for AM radio limitations anymore (which is why nostalgia and 50s/60s oldies stations lasted so long on the band). The big AM ratings now belong to spoken-word formats--not just left and right political talk, but also sports (PxP and talk), religion, ethnic talk, finance, etc. where bandwidth isn't much of an issue and RFI is more tolerated.
Even satellite cranks down the bandwidth on their spoken-word channels.