As a former tenured professor I've been watching all of this with a bit of empathy, anxiety, concern, and schaudenfreude. Many of my best friends and colleagues are at the university and it still forms a huge part of my life.

In speaking with many students and colleagues, one thing has struck me, which is that many of the current undergrads are enrolled because they want to get away from home. They want some true transition to adulthood, where they live on their own and develop into an independent adult with a vocation and adult identity. This is maybe what I've heard articulated here and elsewhere about being exposed to new ideas, etc. but maybe isn't quite the same. It's something I never really quite appreciated the importance of until recently, but looms large in their minds. Many of them, even though they're taking courses "off-campus" and online, are still in their college town living in their apartment, and so forth. They didn't go home, they just stayed put.

The analogy with books and music is telling because for awhile there too there was a lot of hype about how the internet would lead to some radical reorganization and disruption of those industries. And in many ways it did. But many of the power inequities, the monopolies, and so forth are the same, and the fundamentals are the same. We've migrated a lot from radio and physical media to streaming services, but the players are still there. I suspect something similar will happen with universities; we'll just see a lot more diversity in what form an undergraduate education actually looks like. For some it will involve 4 years in a dorm / on-campus setting. For others it might be more eclectic. There are also some things that just can't really be duplicated at home: an undergrad isn't going to go out and purchase a mass spectrometer for the most part, or PCR equipment, or have storage room full of embalmed anatomy specimens to dissect.

One thing that's important to be mindful of is that this on-campus experience many of us remember is in many ways evaporating anyway. I don't mean to say that's ok, or acceptable, or whatever, but sometimes we talk about the experience of being on campus and discussing things with others in person, forgetting that a major societal issue right now is how that that used to be the norm for everything and is increasingly not. So we have these chats online, on HN comment sections, or over IM, or videoconferencing anyway, even if you're not in college. Whatever might be lost from the on-campus experience is being lost everywhere to some extent; I point this out only to suggest that if we're ok with it in some domains, why should college be special? Or is college the canary that we should be paying closer attention to?

I agree with the perspective of the author of the article that something fundamental needs to change, but my guess is 10 years from now everything will look very different and the same at the same time. I also think there's many problems with universities and higher education that have nothing to do with the cost-benefit calculus in some abstracted sense, but rather to do with how it should be paid for, whether universities are funded well enough, whether they're getting those funds from the right places, whether administration is too top-heavy, whether employers and society abuse interpretation of degrees, and so forth and so on.