Yep. But that is all a part of the problem. If academics can't organise themselves enough to have some influence over something which is basically owned and run them already (they write the papers and then review the papers and then are the ones reading and citing the papers and caring the most about the quality and popularity of the papers) ... then they can't be trusted to ensure the quality of their practice and institutions going forward, especially under the ever increasing encroachment of capitalistic forces.

Modern day academics are damn well lucky that they inherited a system and culture that developed some old aristocratic ideals into a set of conventions and practices!