The journal or the editorial board (staffed by publicly funded academics), as a connoisseur, is separate from the distribution mechanism that is the private pub

The journal or the editorial board (staffed by publicly funded academics), as a connoisseur, is separate from the distribution mechanism that is the private publisher. My department at my alam mater edits a top 3 journal in my original discipline. My alma mater has to buy a subscription for this journal (including the hardback version that nobody reads) with articles written by uncompensated academics paid for with public funds; edited, copyedited and typeset by my uncompensated university's faculty paid for with public funds; and reviewed anonymously by uncompensated academics paid for with public funds. What do all of these parties get in exchange that costs the university library so much? Prestige for the department, university, and individual CVs for being associated with a top 3 journal in their discipline that happens to be owned by a private company. That seems like a parasitic relationship to me when the universities can just run the open access journal and retain the editorial board for very little by themselves. This is happening, but it just takes too long for a new open access journal to build reputation when careers are at stake with being associated with top journals.