College professors are one of few professions--along with politicians, with enough media cover--where people can go through their entire career spouting their pseudo-wisdom insulated from ever having their theories tested in reality. They don't even need to be good teachers!
Major universities, along with the media, are the proverbial family businesses of Progressiveism.
Competence is irrelevant. Service to the cause is all that matters.
The students steeped in their theoretical BS then find themselves ill equipped for reality when they hit the real world.
But as the author points out, that's not the case anymore. CEOs can fail and just float on their golden parachute to another position.