A university degree tells me three things a Coursera certificate doesn't:
1. A graduate have more breadth and depth in a given major. Standford's CS course includes math, physics, engineering, programming theory, data structures, algorithms, etc. (Just picked Stanford's program at random, not advocating they're perfect)
2. A graduate has exposure to multiple topics/subjects, and hopefully has some critical thinking skills. A Coursera cert doesn't do that.
3. Somebody graded them. It wasn't some massive online system.
Maybe other people don't care about these things, but as a former manager, I've found these qualities produce a better well rounded individual in the workplace. There are exceptions to the rule, of course, but that's my experience.
To your point: All these things can be replaced, but I'd argue micro-degrees don't do that.
I do hope this is solved: The price is crazy.
However, there's nothing to stop a person studying just as many topics/subjects online, and to cover them in about as much depth.
I think a standard in terms of grading would be a huge win.
I'm not saying that is what you are doing but it does seem to have hints of it.
Paying tens of thousands of dollars per year to associate with others doing the same seems odd.
Think about how University education should compare to high school education, in terms of costs. High school costs about $12k per student-year [0], which includes about 1200 hours of staff time [1].
My entire 4-year undergraduate course had less than 2000 hours of staff time, which was about half large lectures and half labs and tutorials. The lectures were always larger classes than high school, and the tutes and labs were about the same size, and mostly taught by later-year students who were paid less than high school teachers.
Facilities-wise, classrooms are classrooms, toilets are toilets, and offices are offices. I can't see any reason why university buildings should be more expensive than high school buildings, for a given number of students. Besides, high school capital outlay is less than 10% of total [0]. Universities can also have classes later in the day and at night, and so get more use out of the buildings.
Then there's equipment, particularly in the labs. The university had significantly more lab equipment than high school. However, there were also significantly more students using it. This wouldn't increase the cost of computer science, maths, business, etc, but might add to the costs of physics, chemistry, engineering. I'd need to see a real cost-breakdown to believe it would be much more expensive.
It should be possible to provide a similar level of education as current universities for less than $5k per year. That's disruption.
[0] https://nces.ed.gov/fastfacts/display.asp?id=66 [1] https://nces.ed.gov/surveys/sass/tables/sass0708_035_s1s.asp
Education economics is messed up. Where else does one pay lots and lots of money for something that is essentially freely available?