Preprints are not perfect, but I'd wager that anything free and truly open to review is better than what we have now.
The harm done by bad research in the Lancet is colossal because the results are widely read and disseminated, that is obvious isn't it? Pre-print servers are still quite obscure. Anyway, arxiv has been running for a long time with much success in certain fields, and hasn't been overwhelmed with nonsense, so your characterisation of pre-print servers is poorly calibrated and hyperbolic.
Also the Lancet charges money for its products, and can therefore expect to be held to greater account.
> arxiv has been running for a long time with much success in certain fields, and hasn't been overwhelmed with nonsense, your characterisation of pre-print servers is poorly calibrated and hyperbolic
I just said that the level of quality control on pre-print servers is extremely low - which it is. They check for very little beyond blatant plagiarism and obvious junk (determined within minutes).
I didn't say that pre-print servers are useless. They're very useful, but it's undeniable that prestigious journals apply an additional filter, which is much more exacting.
If you were to pick a random study from a pre-print server, and a random study from the Lancet, which do you think is more likely to be reliable? Which do you think has undergone more thorough peer-review?
Pre-print servers are great for getting results out quickly, but the level of quality control is extremely low. Journals are slower, but have a higher level of quality control.
There is a trade-off between speed and quality control, and both pre-print servers and journals sit at useful points in that trade-off.
Given the pressure to get information that might help fight CoVID-19 out quickly, journals have probably shifted towards the "quick/low-quality" end of the spectrum in the past few months. They'll move back when things calm down.