Open review has its virtues but remains a work in progress due to the relative lack of a track record. Additional issues arise out of the expense of commercial journal subscriptions, the cartelization of their ownership by a handful of publishers, and increasing specialization of research that makes it hard to find qualified and reliable reviewers. I wonder why major research universities do not establish a consortium to publish a range of nonprofit journals at a cheaper cost and with reformed editorial practices.
I agree that the “journals” are at the center of the perversion of process.