Street photography has become loosely defined in recent years. Past "street photographers" have been more along the lines of journalists. It was a style that relied on the natural progression of daily lives; with little intrusion. Many would document the lives and cultures of various places. A few, turned it into an art form (Diane Arbus, HCB, Andre Kertesz etc) with a focus on composition rather than just capturing. This is especially true back when travel was prohibitively expensive to the majority; most rarely leaving their home town.
The material I've seen as described as "street photography" of recent (including from vary notable photogs) are quite disappointing. They simply show people with little or no intention or story... very little timing or consideration of the photo as a whole. It is my opinion that as the act of taking a photo gets easier, the quality and what people expect from "street" photography degrades. Its too easy to walk outside, hold that shutter down, and shoot thousands of frames without 1) appreciating your surroundings 2) interact with your surroundings 3) understand your surroundings 4) capture what makes it special.... then call yourself a street photographer. Street photography has been marginalized, watered down, and filled with distractions.
For one, street photography doesn't necessarily literally mean photos taken on the street.... that's the 1st and foremost misconception that most people today cannot grasp. When I ask about the challenges of street photography and the first response is "approaching a stranger". I am thoroughly convinced that they have the wrong idea in mind when it comes to street photography and that's the 2nd misconception that many cannot grasp.
Its extremely tough and I enjoy every minute trying.... even though I fail the majority of the time.... often because I recall the "feeling" of a particular situation that I so desperately want portrayed in a photo. Hence the true challenge..... not the equipment... or the stranger... capturing the essence in an unpredictable and very dynamic REAL world. Quite a different challenge from the great control offered in a studio with a willing model.
If potential earnings is a gauge on the quality of photography, then the paparazzi's are master of it.... that's a sad sad sad view to have on photography.