This was inevitable. Because the value-add of so many college degrees is thoroughly worthless.
Somehow, the colleges and universities have contributed to their own demise. They had a lot of help from almost everyone, including those who pressured them to dumb down the curriculums and accept unqualified (and/or unprepared) students.
Still, the demand for college admissions (from the degree-seeking population) seems rather strong. Between YouTube, distance-learning and other developments we should expect to see contraction in the higher-education (so-called) business.
Perhaps the regulatory capture of education will keep them sage from classical economic forces. (Think military-industrial complex.)
... will keep them safe (not “sage”)