I've long wished that "journals" and academic societies would transition from a publishing model to a cultivation model. If everything is available on arXiv, that's great, but it also means the best of the best is mixed in with all the rest.

Journals (in the sense of whoever is on the editorial board) don't need to cease to exist; they just need to transition to "here's our list this month of what the best new articles are on X topic". The paper's already there on arXiv, you could already read it before. But having a group of editors that cultivate a list of good articles (as well as the peer review process that can, in an ideal world, serve to improve a paper) can serve to make sifting through arXiv less overwhelming, and draw attention to papers in particular subfields, subject matter, or whatever other criteria might be relevant.

This is quite similar to how eLife does publishing. You still have to submit to them but they basically just add reviewer comments and an “eLife Assessment” that serves as the quality/curation signal rather than a binary publish/reject

I don't see any reason why we shouldn't make this transitive. working professionals track the literature. if there were a standard way to publish a "I think this paper is interesting" signal, then we could roll that all up. there are certainly practitioners that I really do trust to be in the game for the right reasons, if they think a paper represents a contribution, then that's a strong signal for me.