For example, the Journal of Membrane Science is one of the most highly regarded journals in my field. Anyone in the field can be pretty confident that an article in that journal is a high-quality work, meaning it's scientifically rigorous and representative of the state of the art. Researchers want to publish in that journal so that they are associated with 'the best' in their field.
Articles in another journal, Membranes, which I just discovered now on Google, would not receive the same amount of credence from professionals in the field. This is partly due to practitioners themselves unwilling to trust lesser-known journals; however, professionals are busy and need an easy way to filter feed from the chaff. The value provided by Elsevier in that sense is that they maintain a type of filter of quality.
I'm sure all of the same authors and professionals could start a new journal and immediately stop publishing in Journal of Membrane Science, but it could be a less-than-optimal career choice. In a sense, timing would be everything.
An interesting case is Lingua, an Elsevier journal. A few years ago, its editorial board (i.e. regular researchers not employed by Elsevier) collectively resigned and founded the new journal Glossa. That is now the journal that provides that stamp of quality, proving that its not Elsevier itself that provides it.
I'm curious why/how it was possible for them to do it. The Wikipedia link mentions that there was a disagreement between the editors and Elsevier. How were the editors able to collectively organize and leave en masse? What can editorial boards of other journals learn from this?
Interestingly, I'm working on a blog post right now on what others can learn from this (because I'm trying to make it happen more often), so if you (or others reading this) are interested, you can follow along via https://tinyletter.com/Flockademic
As can be seen in the Elsevier Wikipedia page, it has happened several times (not often enough). The Journal of Algorithms case is instructive [1]. Any individual researcher that "fights" the publisher will lose out, but collectively in a concerted move one can be successful.
I think Don Knuth provided enough credibility to transfer the prestige of the journal, and enough of a towering figure to give everyone the impetus to go ahead with the defection collectively.
It would be very interesting to examine cases where this worked successfully and where it failed (or wasn't attempted) and see what differentiates them. I'm pretty sure Elsevier is examining these cases very carefully...
Cases that might be closer to many HN readers are:
1999: Journal of Logic Programming editorial board resigned and created Theory and Practice of Logic Programming
2003: Journal of Algorithms board resigned and founded ACM Transactions on Algorithms, prodded by Don Knuth (see links)
2006: Topology -> Journal of Topology
So, it is possible to overcome the coordination problem and cooperate to defeat Elsevier.
(And there's a ton of other things, like making sure people pay to access articles when they have a subscription and the like, but those are services they provide to themselves...)
With respect to typesetting and proofreading, my personal experience is that the 'service' provided by Elsevier was of such a low quality that it actually caused _increased_ effort on the author's side.
Making the articles available is indeed the core business of a publisher. However, prices for that kind of service should have decreased significantly over the last two decades, not increased.