Reviewing others' work is rather tedious and I think it will be a challenge for any fully open platform to demonstrate that it will not be a waste of time to do peer reviews on them.
That might finally break (or finally justif) Elsevier and their ilk.
Everybody likes money, but I'm also not sure that's the way to go either. It would be great if reviewing directly impacted people's academic/research careers; I suspect the ability to review well is highly correlated with the ability to successfully run a research group. However, there are lots of thorny issues involving power and interpersonal relationships.
I do know that reviewing is free (I have done it).
What is expensive is paying the typesetters to place the movable type in various places, and to create plates with the various graphics. Oh wait, we don't need to do that anymore.
At this point, there is no rational justification for what Elsevier is doing now except greed. They actually have some other services that makes sense, but this lock on academic papers is simply a historical accident that is no longer relevant.