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They are basically getting free content. Not to mention free peer review and maybe even free editorial work from contributing scientists.

If they then charge for Open Access they are getting everything for free, plus making even more on top.

Yes of course they have costs, but the content itself is free, and there is no profit-sharing with the authors after the fact. They have nothing to moan about while that is still the case. Maybe if scientists and/or their funders started charging publishers for providing their content they'd have a point. But they don't.