The difference is less that it’s in some circumstances only marginally better. Rather, it’s more that when you advocate for better coverage in EU, the pushback might be more along the lines of “that’s too expensive or an inefficient use of highly limited taxpayer dollars, but I’m open to continuing to evaluate the impact and economics of it”. In the US, sometimes the pushback is “you don’t like it? Then GTFO, you communist traitor!”
They offer reputation. Career advancement is highly dependent on publication history and impact. Getting into a prestigious publication means your work will more likely be read and cited. Because highly reputable journals can charge high publication fees (because it’s in such high demand), they get to set the industry norm, which other less reputable journals/publishers get to follow. It does cost money to develop and maintain that reputation for rigour and impact (i.e. good science). But yeah it’s exploitative AF. There are attempts for less profit-motivated publications… But making those rigorous while still being democratic is hard