If you want to know what an undergraduate degree really costs, have a look at fees charged to non-domestic/EU students. I'd estimate the discipline I teach in (Humanities, but not just book-based) costs around £12,000 actually.
And our students (I'm at a top ten, RG etc etc blah blah blah) have access to every digital research resource known to the humanities scholar. These all costs in the realm of tens of thousands of pounds a year.
Re. contact time: students (and even more their parents) seem to think that university teaching is "explaining" and "telling me how to get a First." Really, it's not, as Disquisitiones says so eloquently upthread. I try to view it as facilitating students' learning, rather than teaching them. "Being taught" is too passive for what needs to happen at university.
Yes, there'll be stuff that students don't understand, and concepts or history or specialist terms to be explained. My lectures give them an overview, and try to offer them useful and well-known starting points. I try to survey the field of a topic, but it's them who must dive in and engage with the writing, the visuals, the practice, first-hand. In my field that includes a lot of independent learning: reading as an individual or in a small study group, and doing - practising skills, reseasching, writing, etc etc.
More contact time would inhibit that. And there's actually research to show that more hours in lectures or seminars doesn't necessarily mean the students learn more or better.
And as others have said, in the days before we were so hot on attendance, attendance was pretty patchy. TBH, at certain times of the term, it still is. I don't get it: student bitch about how much they pay, but they don't get the utmost value from it in this respect.
And anyway, students and parents are bitching at the wrong people. It's not the universities who imposed fees.