About arts subjects take up, maybe the issue is around employability?
I went to university in the mid-80s. I was in the science faculty and several of my friends were in the arts faculty, doing things like English, French and History . There was mutual respect in that i couldn't do what they did and they couldn't do what i did.
Fast forward just five years, and I'm now the newly appointed head of an investment desk, working for an investment company. My (shared) secretary is an English graduate, as are most of the other secretaries covering the other desks. If they didn't do english, then it was French or something else that is useful but badly paid.
We started on similar salaries but I already probably get paid double what she does, and her salary will creep up slowly in the future years but mine will rocket.
She's highly organised, her writing is exceptional, much, much better than mine, but her skills are not valued in the workplace like mine are.
That was in the early 90s before the internet took off and brought low so many opportunities for English graduates (eg the demise of magazines and newspapers, or the ability to self-publish without paying for the services of an editor).
I think now that people have to pay to go to university, they are more inclined to look into the future and try to judge how much it will increase their earning capacity to repay the loans.