The bottom line is that we need a skilled workforce. Arguably, university education is the best form of education (learning and development) for some careers, but not all that many.
The challenge is, very few alternatives for high quality learning and development programmes that provide appropriate initial and on-going training, for the full range of careers/ jobs needed, exists.
Universities have been plugging this gap for years. What is often labelled a 'Mickey mouse' degree, often comes from pseudo intellectualising content to enable awarding bodies to determine the course a Level 6 course (bachelor's degree). The course may be worth studying for enjoyment and/or vocational purposes, but it might not be well suited to academic study.
It's hard to find a practical way out of this situation. The 'how dare you' responses on this thread show that a lot of weight is given to going to university beyond that of gaining a qualification that evidences academic attainment in a single field of study. People seem to think of it as a right of passage, a right that should not be denied due to disability, a sign of status, evidence that someone is 'capable' (regardless whether this is academic capability).
I have taught many who have excellent academic skills who, by all other metrics, aren't very 'bright'. I have worked with incredibly bright and sharp people whose abilities and disposition are not suited to academic learning.
The only good thing about tuition fees has been increasing discernment from the general public about value for money of degrees. I have no doubt that if there were a range of high quality alternative options to support entry to, and progression in, desirable and well paid careers, universities would be in greater trouble.
We need universities, they play an important role in knowledge generation and dissemination. It would be tragic, in my view, if they no longer did this for the arts. It would also be tragic if they remain less accessible to those from certain demographics. However, I have no issue with them being all about academia and for academia not being for all.