Funding cuts. Like from the state and federal levels. This resulted in costs to students increasing while also forcing researchers to generate income. This is the natural result of treating college like a business. They raise costs on every side.

Highly specialised education doesn't scale well. Computers and factories keep getting more efficient, but a professor can only handle so many students still.

https://en.wikipedia.org/wiki/Baumol_effect

The money doesn't go to the researchers.

Unfunded pension and health care