Ballooning tuition was an inevitable outcome, as was the speculative financialisation of educational institutions, and the relative loss of value of student teaching and post-grad research.

It's really just a form of compulsory loan sharking, and it's politically and economically cancerous.

Not only does it have immensely toxic second order effects, it's almost guaranteed to kill, or at least seriously damage, its host economy.

As for "useless majors" - one of the foundations of any civilised society is personal freedom, and that includes the freedom for cultural and intellectual exploration.

Forcing all activities to compete economically and sweat a profit is not freedom - it's the opposite.