Yes

The Guardian asks, "Is the staggeringly profitable business of scientific publishing bad for science?"

Why yes, yes it is.

With reasonable regulation and antitrust enforcement, parasites like Elsevier have plundered publicly funded knowledge.

The end of this business model has been predicted for years, but with great profits comes the resources to engage aggressive rent seeking, which mitigates against this.

I don't think that we will see any change in this until the government mandates another model for research that it funds.