Reviewing pre print papers isnt any more effective than reviewing printed papers. Review, and publication is a meaningless bar.
Publish -> people find insight and try to pick it apart -> You either have flaws or you get reproduced... Only then should your paper be of any worth to be quoted or sighted from.
The current system is glad-handing, intellectual protectionism and mastrubation.
Academia has only itself to blame for this, and they are apparently unwilling to fix it.