I agree. People going to ITT should view a community college as a more than fair replacement. Further, anytime you introduce profit you introduce cost reduction and "keeping something back" from what the customer paid. i.e. In order to make profit they must be giving you a product that's worth less than you paid to them. That's wasteful.
I get not everyone needs to go to an Ivy League school, but for vocational basics -- what people are going to these for-profit schools hoping to gain -- community college should be "good enough."
I'd look at Bellevue Community College as a great example of a strong vocational tech school. That should be a model others could strive for. When I was younger I learned a great deal in BCC classes -- knowledge that was immediately beneficial to my day job as a software developer.
In contrast, the classes at BCC were far more hands-on training than what I got at the school I eventually graduated from. Educationally, community college I feel was better... but certainly for connections and networking the "name-brand" schools pay off.