Name recognition. That's pretty much it.

Gatekeeping As A Service.

Eeeghh. Such parasites.

They offer reputation. Career advancement is highly dependent on publication history and impact. Getting into a prestigious publication means your work will more likely be read and cited. Because highly reputable journals can charge high publication fees (because it's in such high demand), they get to set the industry norm, which other less reputable journals/publishers get to follow. It does cost money to develop and maintain that reputation for rigour and impact (i.e. good science). But yeah it's exploitative AF. There are attempts for less profit-motivated publications... But making those rigorous while still being democratic is hard

I’d say (a couple years ago) the service is also supposed to be access via DOI in perpetuity and presence in all the relevant databases, so that’s gotta cost some money for the reassurance as opposed to a pdf file “hosted” on Google Drive. But after Heterocycles fiasco I am not sure about that anymore.

Well, and some mark that this is likely a valid piece of research if it’s at www.reputablejournal.com as opposed to this likely being half-baked something at www.somerxiv.com or this likely being absolute lunacy at www.anyothersite.com.

Still, yes, billions in revenue vs millions spent essentially on essentially simple tasks like hosting and cataloguing (plus matching authors to reviewers I guess, though with how often I am asked to find them myself it’s doubtful) does not compute indeed.