What a journal’s IF does reflect to some extent, even for an individual article or author, is the difficulty of publishing in that journal, so even if your paper is eventually doomed to very few cites, getting it into the highly ranked journal provides evidence that it was attractive to a very picky editorial board. Moreover, it maximizes the chance of active researchers seeing it, and elevates the school’s visibility. All of these are reasons why from an administrator’s POV, journal IF is a reasonable thing to use when looking at a faculty member.
Some problems specifically with the IF are that it can be gamed and that it gives a private entity a stranglehold over the measurement of a journal’s prestige.
If you are referring to the dearth of replication studies - this is the only relevant thing I can think of that I recall Goldacre discussing over at Badscience - that is a problem, but it is not a problem in journal ownership, it is a problem with who funds some areas of research, and how.
Yes, of course, all else equal they will publish the research that is newest and most interesting. They publish the research that other scientists are interested in seeing. There is nothing keeping anyone from publishing a Journal of Results You Don’t Care About, except that nobody will want to subscribe to it.
Of course the indexing already exists: SCI and Web of Science for science, Zentrallblatt and MathSci in math, etc. Inter-article connectivity infrastructure also exists, thanks to organizations like Crossref. What is new in your proposal is that the index links should go to live articles, and even that exists if you’re behind the firewall of a major research university. (On my campus, for journals we can’t afford it can take as long as 2 days to get such an article, through interlibrary loan. This requires around 5 mouse clicks. That is much better than what I had when I started out, where I had to fill in a request, hand-carry it over to the appropriate office at the library, and wait sometimes weeks for a bad copy of the possibly-correct article to show up.)
You’re not going to nationalize and democratize the big journals: their owners don’t want it, but more importantly most scientists don’t want it. Having a de facto ranking of journals is useful, even if it sometimes feels oppressive. What is possible is for governments to stop creating extra artificial incentives for publishing in such journals, and to reduce the artificial leverage the private indexing companies have over all of science. Require research done under government grants to be published in open-access form (as NIH is already doing), but don’t allow ridiculous page charges t be charged to grants. Stop paying bonuses to departments based on the number of SCI-indexed journals they publish in (some governments do this). Don’t rank departments exclusively on private indexes like SCI and Scopus, include DOAJ and specialist/society indexes. Give incentives for new no-fee open-access journals.
The rest has to come from scientists themselves, with a serious commitment to accept at least some open-access and professional society journals on an equal footing with private journals when it comes to hiring, tenure, and funding decisions.