Well, that and 1.2 million bucks.
Since I was a student, I've decided as a matter of principle never to submit to either, and been able to follow that principle all the way through tenure. Though I don't discourage external collaborators from submitting papers to those places, as this principle is more about my or my group's papers.
Luckily, there's a couple other options that are very satisfying (and actually most common) in my subfield and most of CS: non-profit society publishers (e.g. ACM/IEEE), or self-publishing (arXiv or your own homepage). I've done both for each of my papers, and haven't felt like I missed anything. I've also declined reviewing for commercial publishers for a while now, and it makes me very happy to have a great excuse to decline.
The academics could easily solve this by publishing elsewhere. Of course that would require researchers to be judged by something other that impact factor.
At an extreme it’s like saying the Nobel Prize committee is a scam - they offer nothing of value beyond prestige yet scientists are beholden to try and impress them.
To me this is just people trying to have their cake and eat it too - they want prestigious journals to publish in, but they also want them to be free (for author and public) and easier to publish in.