Because someone is surely going to try to defend journals via peer review in this thread, I want to provide a counter to the arguments that journal peer review does much good. Also, since everyone knows that if you just go to a poor enough journal, you can be published, I am going to focus on the (IMO mostly false) claim that higher-profile journals are still doing a good thing here.
There are numerous studies showing that higher-profile journals in general have more retractions and research misconduct [1-2], lower research quality [3], in fact weaker statistical power and reliability [4], and that statistical reliability even in high prestige journals is still extremely poor overall [5]. Also, making it through peer review is highly random and dependent on who you get as a reviewer [6], or is just basically a coin toss even when looking at reviewer groups:
In 2014, 49.5% of the papers accepted by the first committee were rejected by the second (with a fairly wide confidence interval as the experiment included only 116 papers). This year, this number was 50.6%. We can also look at the probability that a randomly chosen rejected paper would have been accepted if it were re-reviewed. This number was 14.9% this year, compared to 17.5% in 2014. [7]
We should just move to arXiv-like approaches and allow the scientific community to broadly judge relevance and quality. Journals just slow things down and burn funding for very little gain or benefit to anyone other than the journal owners.[1] https://pmc.ncbi.nlm.nih.gov/articles/PMC3187237/
[2] https://www.pnas.org/doi/10.1073/pnas.1212247109
[3] https://pmc.ncbi.nlm.nih.gov/articles/PMC9382220/
[4] https://journals.plos.org/plosbiology/article?id=10.1371%2Fj...
[5] https://www.frontiersin.org/journals/human-neuroscience/arti...
[6] https://journals.plos.org/plosone/article?id=10.1371%2Fjourn...
[7] https://blog.neurips.cc/2021/12/08/the-neurips-2021-consiste...