It's funny people are raising their pitch-forks about the journals. I guess it's not widely known/understood that the journals aren't reviewing anything ever. So when I say reviewers I'm talking about PhDs in academia that do this work as "community service". So if peer review is fundamental to the scientific method then your tax dollars are being wasted but the bulk of the waste is on worthless, lazy, BS spouting academics not journal admins.
> and practically all of academia just went along because there were no other options.
Arxiv has been around for a long time now. Do you really think "the academy" couldn't have come to some consensus on how to allocate review duties for papers that are uploaded/stored/submitted there? The fact that they haven't strongly indicates that lazy ass peer review as orchestrated by the journals is to the benefit of the academy.
Journal (and conference) reviewers are completely anonymous and there's absolutely no appeal process (rebuttal phase is BS). Does that sound like a democratic/fair/auditable/meritocracatic setup to you? Sounds like review by inscrutable tribunal to me. So if the process were open/community driven (ie democratic) then people wouldn't be able to hide from the shitty job they do.