> I don't mind discussing things, but sometimes you just want a gallon of milk (or degree).
It is a clever metaphore, but I don't think degrees are like gallons of milk at all. It is more like Louis Vuitton bags.
There are USD$600 LV bags, and there are others that cost twice or even 3 times as much. But, as many people that would love to snatch a USD$100 bag as there might be, LV cannot sell to them; if they did, all the > USD$1k customers would never buy LV again. Then the < USD$1k customers would begin to ask why they cannot have a 50% discount in the first place. And before long, LV would be selling at Walmart, competing with the (much more experienced) other players in the $20-$30 bag market.
Degrees are the same. Lots of people who only want a job want those. But the people who already have one like to believe that their degree says something about them; among other things, that they have the ability to dispasionately discuss subjects they find personally offensive. Every successful university has to stay in speaking terms with their alumni, if not for no other reason than to have then send their kids to the same university when the time comes.
At the end of day, University of Chicago is branding itself as "the place to study if you are an actual adult". Sometimes you want to sell regular milk, but sometimes you want to sell organic, grass-fed, free-range milk. And it is a good thing to have both options available.