The publishing houses have been around for centuries, literally.
One of the interesting things about scientific publishing is that the current arrangement is a recent phenomenon. Many journals started out as independent or university-affiliated publications which charged to cover costs; then were gradually spun off or bought out by for-profit institutions through the 60s and 70s. The accretion of publishers into a small number of companies, each with a virtual monopoly on critical journals in the field, resulted in the insane balance of power we currently experience. Inelastic demand for information (it's extremely difficult to do research without access to the major journals in your field) means Elsevier et al can jack up prices almost arbitrarily.
One of the interesting things about scientific publishing is that the current arrangement is a recent phenomenon. Many journals started out as independent or university-affiliated publications which charged to cover costs; then were gradually spun off or bought out by for-profit institutions through the 60s and 70s. The accretion of publishers into a small number of companies, each with a virtual monopoly on critical journals in the field, resulted in the insane balance of power we currently experience. Inelastic demand for information (it's extremely difficult to do research without access to the major journals in your field) means Elsevier et al can jack up prices almost arbitrarily.