It seems like an academy. All institutions are flawed. That’s never going to change. But there are certainly degrees of grift, of failure. My alma mater offered all kinds of fringe benefits to being a matriculated student, and I took advantage of them. Access to supercomputers I wouldn’t otherwise get access to. Access to the forge, which had sophisticated equipment. Courses on how to use it, which you really couldn’t learn except as a hands-on experience, making purely online courses a waste. You could get help on parts of the material that you were struggling with in a way that an online course does not really offer. Connections, job-hunting opportunities, the list goes on. You have to have an eye for these things but they absolutely are present.
But universities, today? All that shit is gone, at least in America. And it’s replaced with pure grift and ideology. It went from expensive but useful to even more expensive but basically valueless.