Yes, it costs money, but it's not being paid for by Elsevier. Referees receive zero money, editors receive zero (or perhaps a nominal fee). The copyediting costs a bit, but it is low-skill labor and can mostly be optimised away (many journals already accept camera-ready copies directly from the authors).
What I see publishers mainly providing is ranking and filtering (and branding to some extent). ACS has their top level journal (JACS) and several subfield-specific journals, and usually there are ACS journals with different prestige in each subfield. ACS, APS and other non-profit science organisations do a fairly good job at it IMO.
Forbidding for-profit publishers would be my preferred option.
What I see publishers mainly providing is ranking and filtering (and branding to some extent). ACS has their top level journal (JACS) and several subfield-specific journals, and usually there are ACS journals with different prestige in each subfield. ACS, APS and other non-profit science organisations do a fairly good job at it IMO.
Forbidding for-profit publishers would be my preferred option.