In the last 25-50 years the universities pivoted from providing an education to focusing on research and viewing students as pesky legacy, whose education is delegated to grad students. Even at large public universities, very few tenured professors teach anything except grad and senior level undergrad classes. The contracts are scoped for minimal teaching load.

This system needs a reset. It could (after a likely painful disruption) refocus on teaching, keeping current (exorbitant) prices but providing a better education. Or it could focus on costs (cutting off unnecessary expenses). Or do something else, but the current setup is not sustainable.