> Just 1.5 generations ago, University was for those who could afford it.
Not the UC/CSU systems, which is what this topic is about; they were primarily little to no cost universities 1.5 generation ago--depending on your residence. It wasn't until the administration bloat and race to capture as much foreign students/funding became the name of the game that it has become this cesspool.
Hell, in my freshman and sophomore year as an in-state student costs were sub 10k a year, it wasn't until the bubble got so big in 2007 (just before the financial crisis) that it became the sordid bacchanal, cash grab you see now. It mirrored the Banking Industry so well in my opinion, and just like banking it never corrected and just doubled down and it too has created a Trillion+ bubble and perpetual servitude and permanent underclass(es) ripe for exploitation.
And just so its clear, the CSU/UC system is only the most affordable in the US if you are not from CA; if you are, especially if you are multi-generational, because of the high tax levels in CA its probably on-par with some Ivy leagues and upper level tech schools.
I won't dispute your analysis on University as whole, as I have much more to say on the matter, but I agree with your conclusion. For most University (on ROI at least), especially if not in a lucartive field of STEM, it's just not worth it if you're technically inclined and have an disciplined autodidactic streak. But many seem to be looking for an 'experience' more than they are an actual useful education in a chosen discipline, which is why these predatory practices not only proceed to this day, but excel as they do, hence why so many are willing to accept such awful loans to do so--I can't help but think of the way many hapless souls got suckered into sub-prime mortgages.