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I personally really liked the ending. If you didn't like it, maybe you are missing the character development that takes place in the last 10 minutes or so of the film. Exley, the goody two-shoes who at the beginning of the film would never do anything immoral in the name of justice least of all shot a criminal in the back or lie in court to advance his own career ends up doing both of those things.
The ending is a cynical outlook on life, it basically says that no matter how moral/just your intentions may be and how much you would like to change a city like LA for the better, you will fail and the city will end up changing you.
Just like the Usual Suspects, at the end of LA confidential, nothing has really changed.
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