Whole system is a total mess and corrupt AF.
The emotive "corrupt dodgy international vs poor talented Brits" is a complete red herring
(Useful dog whistle for racism).
Universities became big businesses and the people making money are the people at the top or middlemen.
Lots of third parties creaming money off dodgy contracts to profit from students, international and otherwise.
For example, overpriced accommodation where students have to buy rugs and furnishings off the provider.
Or catering - no reasonably priced meals or drinks now apart from Starbucks or Costa.
Professors desperate to get cheap labour preferring international PhD students so they can give them the worst possible working conditions and hold their visas over them.
Sadly all this labour isn't even directed at anything worthwhile or innovative - just "produce more of Z metric so we can pretend we're successful".
Academic publishing companies do deals so that Universities (funded by the taxpayer and student fees) are both paying to publish with them, and being ranked on how many publications they produce.
Elsevier (one of the biggest scientific publishing companies) is more profitable than porn.
Essentially the taxpayer is being massively conned into funding "research" based on certain criteria, and very little of these funds actually goes on anything worthwhile. Most of it is creamed off somewhere.
The overspecialisation of science means that a lot of research is total BS, but its sufficiently opaque so they can (kind of) get away with it.
Senior academics sit on various "boards" of equipment companies to reappropriate these funds and direct/threaten junior academics to use an outdated piece of equipment that delivers ££££££ for the makers.