When it debuted: 2003
Segment lowlight: When they clearly started staging it.
This is an example of a peculiar tendency of late night. When a bit kind of works once, content-starved nightly hosts will go back to the well again and again, driving it into the ground. It's hard not to do that when you are coming up with material every night.
The joke here is novel enough: A group of "real people" who don't know anything about the news present themselves as experts, and hilarity ensues. The bit outlasted two of the original castmembers and newer versions of the skit, like the one above, which uses people who are clearly actors posing as people who don't know anything about the news—which is the kind of meta move that will make your head hurt rather than make you laugh.