Much Ado About Nothing. Huh?

Since this play was written during Shakespearean times,  I am almost positive that William would not waste his precious time really writing about nothing.  Although, this play really does seem quite simple minded so far, but that is because I am not yet on the downward spiral of the Shakespearean comic curve. Most of the conversations are pretty superficial and surfaced.    At this time there was no "TH" sound, so the word nothing, sounds a lot like noting.  So is it Much Ado About Noting? However, Shakespeare is not a poet of love, there is always something more cynical involved.  So what is he "noting"?