Yep.

Agencies funded by taxpayers provide grants to researchers.

Researchers produce results and write papers.

Researchers give the papers to editorial houses for free.

Editorial houses send the papers to peer reviewers.

Peer reviewers review the papers for free.

Original authors make required changes for free.

Editorial house send proofs to authors, who check and fix them for free.

Editorial house charges absurd amounts of money for people to read the papers.

TL;DR Editorial houses suck money from everyone while creating near zero value.