When it comes to subscriptions: academic libraries, under pressure of academics. (And in this case, a group of German libraries finally refused to do so.)
When it comes to disproportionally high publishing fees, however, academics do have something to say, because they can often choose to publish somewhere with lower fees. However, that's not really an option as long as their career progression is determined by which journals they publish in. Thus, I think part of the cause there is those who use journal names as a criterion when judging e.g. grant applicants.
Where are these researchers who pressure the academic libraries to buy subscriptions? I never saw them, except if they are in the management.
If we were to speak in market terms, well, publishers are private entities driven by the market forces, right? So in market terms the clients (researchers) manifest a strong preference for other products than those offered by the publishers. Why do they still exist? Does not make any sense, except if we recognize also that the market is perturbed by the fact that somebody still buys their product and forces the clients to consume and to produce it.
If powerful researchers cared, they wouldn’t review for journals they don’t like. Obviously the benefit from doing the reviews is bigger than their preference of Open Access.
Researchers don't usually benefit from doing peer review: they don't get paid for it, and it eats time they could spend doing research. It's more of a sense of duty they have that they're "supposed" to do those reviews, and I can't really fault them for that.
(Though I would very much encourage them to only review for fully Open Access journals, and respond to review requests with invitations to submit the work to those journals.)
So if you don't review for closed-access venues (which I try to do), you are pressured into not publishing there: and not publishing in closed-access venues is difficult as most papers are collaborations, and usually your co-authors do not share your convictions.
I think why people review is: -You should be reading more papers anyway and we like doing it, so why not take it as an obligation? -I assume that eventually it helps one to get selected to be an area chair or something along those lines.
Can't you just publish in two journals then?
Edit: - sorry, I missed the sense of duty. Thanks for pointing it out below. - added don’t
And again, I can't fault them for that.
(I assume you meant to say "don't benefit"?)
Until the appearance of the notion of open peer-review, the reviews were not public and thrown away by the editor after the publishing decision.
Concerning the sense of duty, nobody stops anybody to review a work and post it somewhere publicly accessible. However, that's rare to see.