Sure, but the identical exchange of value occurs in the current system, it just goes unsaid/unspoken. You review my journal and maybe ignore some of the problems, poor assumptions, whatever crap I used to make the sausage, just let me get it published; I do the same for you. You may not 'know' who is reviewing your journal, but at least in the natural sciences, there are so few technically qualified individuals to review some very domain specific publications, so its almost inevitable that although you may not know for sure who is reviewing your paper, you can figure it out without too much work. Since both reviewers and authors benefit from getting their own work published, there is a silent consensus for letting bad work slip through.