But it's really not disingenuous. They simply don't provide value for money. They are, in economic terms, rentiers. Arxiv isn't all of the cost, but the arxiv costs are order of magnitude accurate, that's what Gowers showed. In physics JHEP is a good example of a high class arxiv overlay journal that is extremely successful without APCs.
The IOP and DPG with NJP also charge half of what IEEE Access do, and they are among the journals that actually provide some copy editing. As far as I recall my publications with the APS did not have any substantial proof reading done.
I actually think proof reading is a really valuable service, and I would be happy to pay for it optionally or in a transparent fashion. But even with proof reading we don't get to 1000s of dollars.
My understanding from talking to editors is that for professional societies, journal income subsidises other activities. Which is fine, but I would like to see that transparently declared. "APC 150$, Contribution to other IEEE activities 1500$". Structurally it's also questionable that library budgets should finance professional societies, but that's really the least of my concerns.