Hiring committees look at both quantity of publications and citations to those publications. The problem is that quantity doesn't always indicate quality. Which is why journal prestige acts as a proxy measure.
[1] https://en.wikipedia.org/wiki/Impact_factor [2] http://researchguides.uic.edu/if/impact
Page-rank is "transitive" in the sense that it not only counts citations, but also citations-of-citations, etc.
I wonder though if such a system can be easily gamed (see SEO), without damaging the reputation of offending authors.
Also, we should perhaps have the concept of "negative citations". For example, when the text contains "In this paper we show that the approach of [..] is incorrect."
Many researchers do not love the current system, but are mostly OK with it. They are not looking to topple it; if everyone is using a different option, they will switch, too, but they are not your passionaries to drive the change.