I feel that it all went wrong when polys became universities. No disrespect, my OH is the product of a poly.
Polys provided qualifications including, but not limited to, degrees particularly in vocational subjects. Universities tended to stick to the "straight" academic subjects.
The position as a result is that the former polys are now regarded as offering "mickey mouse" degrees, whereas before they provided a highly respected vocational qualifications. And no disrespect to those who sit them either - I've seen how much hard work some students put into these things (certainly more than I did).
And it's not just about affordability. There seems to be some sort of academic arms race going on - not sure if it is dumbing down of A levels or students realising they have to work even harder just to stand still.
While I would say that university places should go to the most able students rather than just those who can afford it, I have seen people get very good qualifications by a lot of perspiration and not much inspiration.
University, particularly where students are looking at post-graduate work, is all about inspiration, whereas just getting a qualification can be done with perspiration. Discuss.