Biased Reporting is a good economy option. It only costs 2 to fire, doesn't have any extra costs like paying extra clicks and can potentially give you a lot of money.
The elephant in the room is that the runner first gets to trash cards to deny you money. I don't think that will be a problem in practice. Cards that have little value to the runner should be obvious so you can take those into account when choosing a type. Cards that have substantial value to the runner are generally worth you getting 2 to the runner, unless they really feel that they have to cut off their nose to spite their face.
Depending on the kind of deck you play against the gain of Biased Reporting can be big. Against a runner with just a fracter, killer and decoder a Biased Reporting gives you a 4 net gain for a 2 activation cost. That's better than Hedge Fund due to the lower activation cost.
If there are four cards left the gain is 6. That's better than IPO. The chance of pulling this off sooner or later in a game is pretty high.
I think Biased Reporting is designed to be a replacement for Sweeps Week and it's a good replacement. However Sweeps Week is often used on turn 1 and Biased Reporting is useless on turn 1. So decks that run Biased Reporting need some alternative early game economy option.