I'll echo Ozy here.
The real value is not as simple and direct as "the degree." That's part of it. The education, the certification, and the networking with other students and professors is all part of the package and I feel like the last one often gets dismissed. More than ever (I think) Millennials and Generation Z develop business opportunities on a "who you know" basis, so networking and having a presence among your peers is crucial; Universities still do this in a way that other methods do not.
Is the cost greater than the value? Yes, but I don't see it as a wide gap. Can the system be updated? Of course, but it's evolved from with in, so calling the University system as a whole "antiquated" is not accurate, not even close. The learning method could be improved, but it has evolved a lot outside of that.
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