Otherwise I can just tell you my opinion as someone who works in academia: It makes perfect sense, and so far I haven't met anyone who was able to offer any better alternative to peer reviewing.
That being said, there are some reasons why there are more shady papers and journals today than there used to be.
The #1 reason is that many policy makers and science administrators got this unhealthy obsession with merely counting indicators, which leads young researchers to chase publication after publication regardless of the quality.
The #2 reason is that there are way more researchers competing for tenure, but jobs have barely increased and public spending on education and universities are overall low in comparison to other areas. You get what you pay for.
So there you go, another opinion, but at least a qualified one.