I think there are two different issues here. The first is how journals make money off publicly funded research. The second is how journals and impact factors act as a gatekeeper in academia. I think open access is solving the first issue pretty well. The second is a bit more complicated. The pressure to publish at any cost is bad, but what is the alternative. If we go by subjective criteria, we will probably end up with nepotism and corruption. Of course the current system needs reform, but I feel that it is a huge improvement on the previous system.