It's still coming. As college grads increase in supply their value decreases (top-tier colleges/students aside). More and more students are realizing their college education has a negative ROI... in fact, outside of software, most of my friends are not using their degree at their job.
I think the "code-school" trend is the start of a "micro-degree" program. Self-service fluff-free education with a standard certification exam is pretty compelling. As we see that proliferate to other domains, we'll start to see micro-certifications (just the test). The missing component seems to be the in-person meetings and networking that comes with physical college. I predict we'll see more online school(s) supporting a physical meeting space for students to network and learn from each other... maybe even a new campus model that strips out the cruft of traditional centralized education institutions.
I just finished my first semester as a history professor and based on my experiences I very much agree that the current system of university education and especially administration would benefit from some kind of fundamental change. But university research is a separate issue, and I worry that trying to "disrupt universities" without thinking through the societal implications might end up harming this amazing apparatus for pursuing advanced research that the US has built up over the past century. I'd argue that those professors who are terrible teachers but amazing researchers have a real value and that we need to keep in mind that universities have always been about more than teaching. (The ultimate case in point is Oxford's All Souls College, which literally doesn't allow any students onto their campus without a letter of reference - but is nonetheless an amazing institution which has given the world real benefits).
I'm starting to feel that some courses in college/university isn't worth that much money. Like a 50,000 degree that has lectures and materials freely available online? Seriously? Furthermore, some professors are amazing at research, but has no business in teaching.
This looks like a massive waste. It's a huge problem and there are big opportunities in this area.