No question scientific publishers are effectively a racket. The problem is that as a researcher you're stuck. If you want tenure, you need a publication in a big journal. There are a few that are open access in some domains, notably biology, but even there Plos Biology et. al. doesn't quite have the cachet of Nature/Science/Cell.

In other fields, it can be even harder to find a good open access solution. In chemistry for example, I can't think of one. You can pay to have ACS or other publishers make something open access, but that's more money out a researcher's pocket that's not going toward better science.

Sure, publishing has costs, but nowhere near what gets charged. Also, much of the labor of reviewing papers is also provided to publishers free of charge, scientists review each other's work for no fee before acceptance in a journal that will charge dearly for it.

We as tax payers pay for this work, the people we pay to do it are caught in a catch-22 situation where they can either hand over their work to someone who will charge an arm and a leg, or be pushed out of science.