"What's the point?"
In my opinion, the point is that the Watergate story is a story about the media, not the Nixon presidency and administration. It shows that the media was already completely one-sided more than 30 years ago.
We now know that the "Watergate" many of us were raised on was BS. The real story is how a disgruntled federal employee feeding dirt to a Red-Diaper (Doper) Baby working for a major paper can bring down a government.
And the way that Woodward first met Felt in the basement room of the White House kind of sounds like a gay hookup to me. Not that there is anything wrong with that.