Arxiv isn't the solution. But i think computer science conferences are. These have the same scientific rigour and standards in the review process as journals in other scientific fields, but don't price gouge. Yes, conferences are also a bit expensive, but you get a lot for your money, and they usally aren't out to make a big profit.

Conferences can be truly wonderful, but not a universal replacement for publishing.

If you think journals are expensive, try sending your whole lab to a conference in another country. That may not let you in. Where some of the attendees have to fill out paperwork before talking to a foreign national. (does that ever make for awkward small talk...)

For all their many faults, journals provide access to a really wide audience, and- in theory- make it possible to form connections who wouldn't be able to meet directly.