Peer review as such does not provide much of a signal as to how important a paper is or a binary "good paper"/"bad paper" decision; ideally, it's a process that helps maintain a certain standard. Conference proceedings typically don't use this process, but (more or less) ask for a simple yes/no (or a 1-5 rating where everyone knows that it's going to be rejected if you don't give a high enough rating because of a 30% acceptance rate etc.).
Or is this the first day you're on the internet?
Reminds me of a time when this person in my field decided to move its most popular wiki to Wikipedia and delete the wiki site. Well it resulted in the wiki site being gone, and a bunch of scattered Wikipedia pages with no content because it was way too much trouble to get the Wikipedia editors to change the content so that it will be actually informative.
I don't mean to be rude....I actually fuck that. I mean to be rude. You are an irrefutable argument against public-review.
There are not only such suggestions, there is even a whole research discipline solely dedicated to evaluating peer reviewing, and there is a metric ton of papers about the topic written by disciples from many different areas.
The fact nobody has ever suggested public-review on-top of peer review makes me think academia really doesn't think about this issue much at all.