Also, the specific examples of waste I'd like to address, since I think you might have some misconceptions on how these are funded:
* Climbing wall: At most universities I've seen these types of services are usually funding through a university recreation department that gets paid via student fees... voted on by the students. I.E. students went to an actual ballot and chose to raise their fees to supply things like this.
* Counseling center: I disagree this is waste. Parents tend to get angry when students throw themselves from buildings. Universities that provide psych help for their students can lessen the number of students who do this, which is helpful for retaining not only the students who would otherwise kill themselves, but the students who object to seeing a rain of their peers from the tall building on campus. It also tends to increase alumni donation rates, IIRC.
* Latino center / other AA type things: These are often student funded or sometimes funded through restricted funds where some interest group gives funds to the university specifically for this purpose. This doesn't always happen, but does more than you think. And yet again, these usually increase alumni donation rates among minorities and therefore net the university more than they paid, which means the university is simply making a smart investment, doubly so if they didn't even pay for it because someone else gave them funds to build it.
* Various student clubs: Again, these are typically funded by students at most universities through an activities fee their own student government put onto the thing. They voted on this, they decided to spend it where they spent it and on some campuses the administrators are in fact legally prevented from doing anything about it.
* Soccer team / sport programs: I'm not really a fan of sports programs being part of a university, but from a waste perspective not all of them are revenue losers. Some universities actually find they make money of teams and inspire a lot more private donations. Universities with strong sports programs tend to raise more money from alumni. I think this doesn't work out in practice for a lot of universities so I see this as potentially one of the better cases you've brought up as waste.
* Resident assistants: Actually a vastly cheaper alternative to paid university staff doing these types of tasks. This generally is a smart and low cost way to staff buildings and the opposite of waste.