I would love to see journal editors transition into more of a "curatorial" role. Journals as publishing outlets don't need to exist anymore. The arXiv and other preprint services (e.g., Open Science Framework) have solved the online publishing part of the equation. But you're right -- when anyone can publish anything, the bar gets really low, really fast. Journals could still play a valuable role as curators, by (a) providing peer review, and (b) creating curated lists of arXiv/OSF papers that meet their standards and interests. I really feel like what's missing are the second-layer solutions on top of arXiv that help to sift through the massive amounts of information -- that can include recommendation algorithms, but it could also include the experts that currently serve as editors for major journals. We don't need to cut out journals, we need to cut out the for-profit publishers.