Is that … a bad thing? I know that peer reviewing takes time (although iirc journals don’t pay reviewers). And there is overhead around publishing which needs to be covered somehow.
It is reasonable to say: well if they aren't providing anything of value then the market ought to bypass them. The reality is that the publishers have been very canny in protecting their position, and sharp practice is rife.
There are other platforms that can offer a similar service for much cheaper, but scientists incentivised to publish on established journals that have a higher impact metrics.