The media was just lusting after a scandal. After their extreme excitment over Watergate, all liberal reporters were antsy for a scandal. Ford was the first to have to deal with reporters lusting after scandal news, with countless made-up scandals to worry about, such as the CIA media obsession. Reagan said the media was "trying to create another Watergate," and they tried but didn't ultimately get the result they wanted (resignation or impeachment)
Iran-contra ultimately arose out of differing opinions of foreign policy. The demoncrat-controlled Congress differed from the Whtie House. When Congress tries to micromanage the complex, ever-changing world of foreign policy, only disaster occurs. By the time something gets out of committee, it's probably not even timely anymore.