I guess peer-reviewers may save money by doing some editing that the paid editor would have to do instead. I don't know how this balances out.
the question how to best organize academic peer review is independent from the price gauging.
Like I said, I’d value the service I get at a factor of 10-20x less than what they charge.
(Edited for formatting)
The publisher is like the billboard company in that they provide the venue, maybe with good visibility, handle the printing and hosting, and connect you with unpaid peer reviewers.
The only one making money off of all this is the publisher. The benefit you get is that someone else gets to read your work, and maybe you got a “good billboard spot” to get the most impact.
The extra part of this is that academic researchers are a captive market, similar to users who have only one ISP to choose from like Comcast. You have to publish on That Specific Billboard or you risk career suicide. If you were the billboard owner, you have a strong incentive to charge outrageous prices because you know that your customers rely on you, and have nowhere else to go.
Sci-hub is great to grab a paper when you already know the DOI. If you are looking for papers in a specific field you will usually end up on a publisher's site using their search engine.
If researchers could easily browse papers relevant to them I think they would dump publishers all together. The expense of prestige can't hold up over time against a more efficient model that costs way less.
arXiv is an emerging solution. The peer review bit is missing.
https://arxiv.org/category_taxonomy
ArXiv.org Reaches a Milestone and a Reckoning 2022:
https://www.scientificamerican.com/article/arxiv-org-reaches...
I have a couple papers I have been trying to get for almost a year. Can't get them on Sci-Hub and the authors never responded when I asked directly.
When I was in grad school, I easily went through 1000+ articles via my institution's library, most of which were dead ends. My school even had to drop the subscription of a journal I was actively using because the price was unaffordable.
For unaffiliated readers, such as those doing industry R&D or individuals researching a medical condition, there are no circumstances under which $30-$50 price per article is affordable, let alone justifiable. This is more expensive than many books, and it's just to read a 10-page PDF which may or may not even provide sufficient context to answer the reader's question. Sci-hub is a literal life-saver for this audience.
"Open access" alleviates the price problem for the reader, but just pushes another unaffordable burden onto the researcher. My group could not afford the multi-thousand dollar "processing charge," and those that could were paying for it with taxpayer money anyway.
So no matter what, someone is getting gouged, be it the reader, the University, the PI, or the public. Prices need to come down by at least an order of magnitude before I would even consider the for-profit academic publishing industry to be anything other than a predatory anachronism.