For better or worse, hiring and promotion still rely on the filtering mechanism provided by peer-reviewed journals. Universities should think seriously about how to collectively incentivize reviewing and editing (e.g. via direct payments, using leverage on publishers, etc.).
The peer review system is cratering.
I've heard a ton of stories like this at many, many journals.
Even prestigious, high impact journals are having trouble getting reviewers. The review process is getting longer and less reliable.
My guess is that AI will make this much worse unless something changes.
In the meantime, the best hope is to share pre-prints and circulate them widely.