Earlier quoted context omitted.
The answer to 'why' is that no money changes hands for any review - not to pay to get a review for your paper, and not to review a paper for someone else. It's a social system. You 'pay' for reviews of your papers, by reviewing other people's papers. All the publisher does is connect people up and produce the final product. You can argue that the cost to subscribe is therefore too high for that service. Fine, it may…
But the publisher is the one making the profit here. From other people's work, that other people pay for. The publisher doesn't add any real value to the process. They charge a high price for people to access other people's work. At no point does the publisher pay anyone for anything, yet they do get all the profit. It's pretty clear why this is a stupid system, isn't it? Simply saying "but that's the way it is" is n…
Maybe! I'm just explaining why the reviewers aren't doing the work unpaid on their own time, which is a misconception people seem to have. Fewer misconceptions is better for the discussion about the remaining issues like whether the system is stupid or not.