This is an objection why? Of course science costs time and money.
"However, journals do perform a service of sorts: they filter papers, ostensibly based on interest to a community, and also ostensibly ensure that the details of an analysis are correct and clear enough to be replicated (though in practice, I doubt these filters work as intended)."
Nobody cares about your doubts. Back it up.
One problem is that peer review is essentially free for the journals, and people have to take time for it out of the other things they have to do (like teaching, or scrambling to get Yet Another Publication before the tenure review comes up, or doing the reporting to 550 external agencies). People are expected to uphold the highest standard of rigour essentially in their free time. In that sense, the current peer review leads to waste, by decreasing the efficiency of the investments originally made into other things.