I think the worst part is, Elsevier could still serve a purpose and make money by curating and leveraging reputation even if all academic research was openly published and freely accessible - they could select what they consider to be the best research, have editorial content, produce visualizations and accompany content with a high quality of journalism, like Quanta. Papers being locked, researchers and institutions paying out the nose, and the other artificial scarcity / artificial stupidity features are entirely unnecessary.
Those executive bonuses don't pay for themselves you know.
However I don't think that it supports open review which this new cern initiative seems to promote. Great if followed and promoted by big national labs
Author (in practice author institution, in practice with public funds) pays open access is less bad than locking articles behind paywalls, but it's still a racket.
This CERN system is about diamond open access, meaning that neither authors nor readers pay.