Why do so many commenters on HN always sound so confident, yet none of them work in publishing? First off, if the only publisher you have a problem with is Elsevier, you have already shown your hand. A half dozen other publishers are more expensive, but you can only name Elsevier. That means you're just repeating a meme that started on forums like this one. So take a moment and ask yourself why any of these publisher…
Louis Vouitton handbags are prestigious because they're expensive. If the time comes where Louis Vuitton handbags are given free of charge to any Tom, Dick, or Harry, Louis Vuitton loses its prestige.
On the other hand, successfully publishing in a prestigious journal, would still be prestigious even if it was done for free.