There have been several discussions about this before. See, e.g., die following:

https://www.researchgate.net/post/Why-the-article-reviewing-peer-review-in-Journal-and-Conference-is-a-voluntary-work/1

https://www.researchgate.net/post/How_many_researchers_think_publishers_journals_should_pay_for_their_content_and_also_for_peer_review/1

https://www.researchgate.net/post/If_there_is_ever_going_to_be_a_time_peer_reviewers_will_be_paid_for_their_services_the_time_is_now/1

https://www.researchgate.net/post/Should_journals_pay_for_peer_review_work/1

https://www.researchgate.net/post/Why_open-access_journals_reviewers_do_not_get_paid_for_their_job/1

https://www.researchgate.net/post/Why_dont_journals_pay_reviewers_and_still_sell_publications/1

https://www.researchgate.net/post/Why_dont_journals_pay_to_reviewers_as_they_bleed_authors_for_publication_fees/1

See also:

https://www.researchgate.net/post/Reviewers_participation_should_be_considered_too/1

https://www.researchgate.net/post/What-are-the-benefits-of-being-a-reviewer-for-a-journal/1

https://www.researchgate.net/post/Rewarding_the_work_of_the_referees/1

Reviewers of academic articles are typically not paid by journal management for several reasons:

While reviewers are not paid by journal management, it is essential to acknowledge and appreciate their contributions to the academic community. Many journals express gratitude to their reviewers through acknowledgment in the published articles, offering certificates of recognition, or organizing annual awards for outstanding reviewers. Reviewers' efforts are critical to maintaining the quality and integrity of scholarly publications, and their voluntary service is a cornerstone of the peer review process in academia.

Hello Muhammad Tariq

one of the issues mentioned was “cost”: I think of it more as profit. These are, rightly or otherwise, profit MACHINES.

https://www.theguardian.com/science/2017/jun/27/profitable-business-scientific-publishing-bad-for-science