I hope to see more open source online journals like https://distill.pub/ in the future. With hosting being so cheap (basically free for anything remotely open source), I really don't see a need for private publishing companies.
Technically journal publishing companies have been obsolete since the Internet was invented, but the problem is not technical, it is political. Even in the crypto research community, which maintains its own repository of research papers (https://eprint.iacr.org/), there is still a need to have Springer publish conference proceedings.
From about page: "Distill articles are peer reviewed and appear in Google Scholar. Distill is also registered with the Library of Congress and CrossRef.