But it does, there's a limited amount of hours in the day and an infinite amount of papers. You need someone to pre-screen the torrent of crap that has an occasional jewel floating in it, and traditionally journal editors have served that role.
You don't need some pompous journal for that.
How many Open Source projects are managed by an individual, or a small dedicated group? If they can do it - by self organising! - it's baffling that some of the 'smartest' minds in the world are unable to comprehend what's going on in their field on a meta-level.
A stupid, stupid idea from people who should not be allowed to make decisions.
'Blue collar' workers figured out a way to get the message across - they formed unions, and went on strike to effect changes.