"But doesn't low quality science impact the universities and papers that host these things?"
Sadly, no, it doesn't.
"Are people and organizations not losing their reputations, jobs, and income over this?"
They are not. The system doesn't actually self correct in any visible way. The people who fund bad science either can't tell the difference between good and bad science, or don't care, or both.
"Wouldn't e.g. Elsevier want to keep charging money for high quality content?"
You mean the companies that happily publish gibberish written by spambots as "peer reviewed science"?
"Hundreds of articles published in peer-reviewed journals are being retracted after scammers exploited the processes for publishing special issues to get poor-quality papers — sometimes consisting of complete gibberish — into established journals. In some cases, fraudsters posed as scientists and offered to guest-edit issues that they then filled with sham papers. Elsevier is withdrawing 165 articles currently in press and plans to retract 300 more that have been published as part of 6 special issues in one of its journals, and Springer Nature is retracting 62 articles published in a special issue of one journal."
Sadly, no, it doesn't.
"Are people and organizations not losing their reputations, jobs, and income over this?"
They are not. The system doesn't actually self correct in any visible way. The people who fund bad science either can't tell the difference between good and bad science, or don't care, or both.
"Wouldn't e.g. Elsevier want to keep charging money for high quality content?"
You mean the companies that happily publish gibberish written by spambots as "peer reviewed science"?
https://www.nature.com/articles/d41586-021-03035-y
"Hundreds of articles published in peer-reviewed journals are being retracted after scammers exploited the processes for publishing special issues to get poor-quality papers — sometimes consisting of complete gibberish — into established journals. In some cases, fraudsters posed as scientists and offered to guest-edit issues that they then filled with sham papers. Elsevier is withdrawing 165 articles currently in press and plans to retract 300 more that have been published as part of 6 special issues in one of its journals, and Springer Nature is retracting 62 articles published in a special issue of one journal."