One problem is that peer review is essentially free for the journals, and people have to take time for it out of the other things they have to do (like teaching, or scrambling to get Yet Another Publication before the tenure review comes up, or doing the reporting to 550 external agencies). People are expected to uphold the highest standard of rigour essentially in their free time. In that sense, the current peer review leads to waste, by decreasing the efficiency of the investments originally made into other things.
One problem is that peer review is essentially free for the journals, and people have to take time for it out of the other things they have to do (like teaching, or scrambling to get Yet Another Publication before the tenure review comes up, or doing the reporting to 550 external agencies). People are expected to uphold the highest standard of rigour essentially in their free time. In that sense, the current peer review leads to waste, by decreasing the efficiency of the investments originally made into other things.