[elehack]

Yes, publisher profits - especially for places like Elsevier - are ridiculous, even for the costs involved.

But it's easy to overlook important costs in the publication system. One, as others have observed, is editors (and some administrative staff). Their value is certainly up for debate; I have had colleagues ascribe significantly more value to them than some of the other comments here.

Another, though, is archival and continuity of access. The publisher I am most familiar with is the ACM; they have contracts with archivers in place so that should they go insolvent or otherwise be unable to continue providing access to the published papers, these firms will take their archives live so the work remains accessible. By the very nature of the business, the fees they collect now need to be sufficient to keep the work accessible in perpetuity with no further payment.

As with other societies, ACM's journal revenue also goes to fund conference development, outreach and advocacy activities, student grants, etc.

There is a lot of rent-seeking in scholarly publishing, even (in my opinion) from scholarly societies. I personally believe that many of our needs could be better met by investing the funds we currently spend on commercial publishing in university libraries and rehoming the scholarly publishing enterprise there. However, sustainable open access is not as simple as just running a web server.