This is all wrong. The purpose of Universities is to uphold, expand and disseminate human culture, not to prepare people for a career in the industry. Big tech should not be allowed to piggyback on the reputation of educational institutions to push their products and the latest fads at the expense of the fundamentals.
Advantage was that we had very modern equipment (electrics, robotics, measuring instruments, ...) that would otherwise have crashed the budget of the university.
It wasn't a secret that industry tried to influence the curriculum to get students to be trained in technologies and tools they themselves use. It is clear they tried to poach students.
I understand the objection though and other departments constantly berated this closeness and they certainly had a point because the generality of education was endangered.
With big-tech in software there are some additional risks in my opinion.
That said, there is merit of feedback from industry to university. It is especially helpful to not let students learn about outdated approaches and tech and keep academia in the know.
But that has to be a transparent forum without some maybe not so moral gifts from industries.