Not the OP, but well regarded philosophy journals (in my academic neck of the woods) have ridiculously low acceptance rates (2-3% often), and in general peer review is done and taken seriously.
This just shows that academic philosophy is a very exclusive club. It doesn't say anything about the standards involved.
If anything, an extremely high rejection rate tends to enforce intellectual conformity and conservatism on a field that you would think is least in need of those qualities.
It's always a balancing act. Become too restrictive and good ideas could get snuffed out, but too open and it's just a giant cluster of bad ideas and too much noise.