>Hopefully this is a one-and-done and we can be more creative going forward, like providing more grants for deeper, more fundamental degrees like chemistry, math, computer engineering, manufacturing, etc.

I hate to stomp on your hope, but this is a late-stage step on the road to 'free' public K-16 in the US. Graduate degrees are already needed to provide the signal you could generate 40 years ago with undergrad. As to actual learning apart from the signal of a degree, the bulk of undergraduate educations, now that there is such a bulk, will provide progressively less value compared to top institutions where students are ready to learn, just as most public schools fall behind the well-known magnet schools that we all wish were more than exceptions to the rule.