Are publishers really so successful as rent seekers or is there something the original article is missing here?

Clearly they are stunningly successful rent-seekers, but what the article is missing is that it presents the situation as an evil rent-seeking plot against a pure and idealistic world of academia. In reality, the entire system is so full of outrageous rent-seeking that it's no wonder that nobody is particularly eager to rock the boat. The only thing in which the publishers are exceptional is that their rent-seeking is more obvious and straightforward.