Free markets are FREE markets, however collusion between competitors to stifle free competitive markets stands in moral and ethical opposition to free markets.
Not all antitrust actions are worthy, but some are.
However, collusion that works by a mere wink and a nod and no agreement of any kind to collude, presents a moral and ethical issue but likely not legal one.
I think what the suit could achieve is a “settlement” decision (1) admitting no wrong doing, (2) an agreement to change practices, but (3) no financial penalties or compensation to any students.
The suit by publicly highlighting the schools anti-competitive practices over early admissions, could win a public victory by getting the practices changed, without a legal victory of any kind.
What you said.
They are already ripping everyone off. Add some collusion between universities and you get the shaft as well, for what might be a worthless degree.