I would tend to agree with this. First, because of publisher greed, there are way too many journals. The good stuff was always getting published. When you increase the number of publications 10-fold, we know which side of the bell curve the increased publications are falling on. I'm looking at you ACS, Nature, Cell, etc.
The second reason is the old "publish or perish" rule. In most of the world, it's sort of enforced by peers. In some parts of the world, it's more likely enforced or monitored by political hacks, who, lacking expertise, rely on numbers only. We know where that leads.
Most journal readers are aware of these problems and so the impact of garbage getting tn the way of real science is less than one might think. If someone is publishing a lot of garbage and nobody is calling them out for it, it's probably because nobody is reading that garbage.