But cloning the top journals’ peer review process wouldn’t make you a top journal. Many mid and low tier publications use the same peer review process as the high tier ones.
It’s more of a bit of a tautology: the most prestigious journals are the most prestigious because they’re seen as the most prestigious - which means they get all the best submissions, the best people volunteer to be organizers, speakers, reviewers, and people pay attention to their proceedings increasing their citation numbers.
This makes it a fairly self-sustaining system. It also makes it hard to break into. It’s no coincidence that the “best” publications also tend to be the oldest.