Earlier quoted context omitted.
The universities aren't the ones collecting the money. In fact, they the main targets of the extortion. Most professors care mostly about prestige (reputation for being smart, wise or innovative) and would prefer to ignore or disdain the economic and legal aspects of life. OK, that is a little unfair: most profs want to focus on their specialty and sometimes don't pay enough attention to how their actions interact wi…
I think prestige is a very unfair characterization. It’s my belief that most people just want their research to be seen and engaged with by their peers (it is, of course, the fundamental purpose of producing a paper). Universities however want prestige, and enforce the policy “publish or perish”. The problem is still as you say — the only way to do so reliably is to give up your ownership to a prestigious journal (be…
Unfortunately, if they have staff that also intend to, or should prepare for, working somewhere else after Stanford (which is very common in an academic career), then those are likely to revolt.
You could see this happen with the introduction of "Plan S" in many European countries, where researchers were afraid that "top" journals were no longer accessible to them and that that would hurt their standing in the field and future opportunities in, primarily, the US.