It's more than the media. It's the system. People already claim that the GOP and DEMs are the same party. However, the truth is America is a center-right nation. That means the more extreme views really aren't that attractive to enough people to make a difference in a general election. Since that's the case, it's just logical that there would be some overlap. Libertarians can bemoan their relatively poor showing over the past couple of decades, but their platform obviously isn't attracting a ton of voters.
No it isn't. Just a few points of the Libertarian (big "L") platform in recent years:
--Oppose the death penalty (this would not be the position of many Tea Partiers or libertarians (little "L").
--Legalize all drugs, alcohol, prostitution, gambling, suicide. Many, probably most members of both major parties would oppose no regulation at all on these things and Tea Partiers (libertarian with little "L") are out to reform the worst excesses of government but are not gung ho to completely rewrite the cultural social contract.
--No US intervention the affairs of other countries. I think a lot of Tea Partiers remember the Cuban missile crisis or understand the implications of nuclear weapons, etc. in the hands of a crazy man. They did not and would not oppose forcing a Saddam Hussein to relinquish illegal seizure of Kuwait who had done no harm to Iraq or preventing Saddam from taking the Saudi oil fields by force which he was poised to do. Meddling where it isn't any of our business should not be U.S. policy. But preventing madmen from creating intolerable situations on earth could of necessity involve us. What, for instance, would have been the consequences of allowing Hitler to continue unimpeded? How many more innocent Jews and others would have paid the price for us 'minding our own business'? What would that have ultimately cost us?
Abolish all trade agreements. I think most Tea Partiers (libertarian with little "L") do support free, unimpeded markets. But I think most would want to look long and hard as to whether no treaties or trade agreements are ever appropriate before just saying 'no'.
Repeal all gun control regulation including restrictions on any form of weapons. I think many Tea Partiers would want to look closely at this one too. I think they would think letting Uncle Billy, who gets drunk and stupid every weekend, have a fully armed Bradley Tank in his back yard would be a bad idea.
Repeal all restrictions on immigration. Of all Libertarian (big "L") concepts, this one is most strongly opposed by Tea Partiers and probably most Americans.
So it is little wonder that Libertarians (big "L"), who are very different animals from your average Tea Partier, don't attract a lot of support. When you look at how the Tea Partiers and their very sensible and reasonable emphasis are demonized, it isn't difficult to make the average Libertarian look like a crazed fanatic even when most are anything but that.