I suppose a lot of this is dependent on the field. I think anyone who has had their work peer reviewed has many stories of reviews from people who seem to have

I suppose a lot of this is dependent on the field. I think anyone who has had their work peer reviewed has many stories of reviews from people who seem to have completely misunderstood the work in question. Certainly there can be accumulated biases and overconfidence among faculty reviewers, but I don't see how that would be less prevalent among paid reviewers.