I think they legit view preservation of the scientific record as within their provenance to cover.
LOCKSS provides a free option for publishers to join, but only accepts a limited number of OA publishers (https://www.lockss.org/use-lockss/publishers). A couple years ago the PKP launched their preservation service, which we're really excited about as it also offers free preservation (for OJS journals) and would help esp. those smaller journals that otherwise couldn't afford to enroll into preservation schemes.
I don't really agree that traditional publishers lose all articles by default by this metric. I think there is some value in a reliable record of the journal itself, as more than the sum of its parts.
Still, my preferred solution for all of this is like JMLR -- very low-cost and open access, and it has reliability by virtue of association with a top university, and prestige by virtue of its editorial board (which becomes self-fulfilling).