That is largely correct, however the editors are very key to maintaining this process and especially the standards. A prestiged academic will not blindly accept

That is largely correct, however the editors are very key to maintaining this process and especially the standards. A prestiged academic will not blindly accept any review request without having a level of trust in the process and also the coordinator. Reviewing others' work is rather tedious and I think it will be a challenge for any fully open platform to demonstrate that it will not be a waste of time to do peer reviews on them.