Tenured prof here. Every paper of mine goes on Arxiv with no exceptions, published under CC BY-NC-ND licenses. Some of us are working hard to overcome the system (e.g. look at the IACR's efforts). Unfortunately, academics are still hindered by institutional inertia; in fact, many prefer the status quo, usually those who rely on prestige over actual quality to advance their careers.
> (...) in fact, many prefer the status quo, usually those who rely on prestige over actual quality to advance their careers. Your comment doesn't read like one from anyone with any relationship with academia. If you had, you'd know that the issue is not a vacuous "prestige" but funding being dependent on hard metrics such as impact factor, and in some cases with metrics being collected exclusively from a set of esta…
Yes, academia has tried to quantify prestige via impact factor and peer-reviewed journals. Yes, lots of people (even in Academia) feel that the system is being gamed, with by the publishing houses that own the journals being a common scapegoat.
The system isn't broken, but it also keeps its integrity through some dynamic tension: a bit of criticism is a good thing.