I disagree. Journal publishers provide value by crafting in house editorials and industry news pieces, soliciting review papers on pertinent topics, suggesting editorials for controversial works, and by filtering out obviously crappy manuscripts. High quality, higher impact journals (Science, Nature, NEJM, JAMA etc) do these things and I believe they add a lot of value.

Lower impact journals are basically glorified FTP front ends. They don't create content, validate that content, editorialize that content, or even select that content. They just host and charge an enormous premium for it.