Yet "peer review" would absolutely scale if it were actually the review of peers (and not just an editorial board). A large number of publications where submissions are reviewed by previous and prospective authors would be much like how open source peer review works, though not without its own set of issues.

Discovery is a search problem and its pretty clear that we have the technical capacity to solve that problem if there is enough of a signal from wide-spread peer review.

Major journals become those that re-publish and report on the big debates and discoveries of the actually peer-reviewed journals and this would be the work of "journalists".