Unlimited access would destroy their elite character. That character is so specific and traditional, that any major reform means, in effect, its destruction. A building where anyone can buy a degree for 100 Euro, like a ticket at the station, that is no longer a university. Education should serve good, not serve knowledge. However, these are ethical choices, there is no point in denying that.
Some people do value knowledge, and as indicated, it is a religious belief for many in Europe.
Many people want the existing system, on moral grounds. Many people do not see any value in creativity, design, or innovation. So once again, this is a contest between different visions about the future of Europe. There is a choice between Europe with universities, and Europe without universities. The Europe with universities is the existing Europe, Europe without universities is an innovation.