Walk into a meeting, look around. Add up everyone's per hour salary. That is what having that meeting costs. Now look around and consider what each talking about the relevant bits to everyone else would take until a decision was made without the meeting. That's potentially how much more not having the meeting costs.
You'll conclude two things. Meetings are crazy expensive for the organization. Meetings can be worth it when the alternative is even more crazy expensive. But the meeting should be as efficient as possible. And you want people to only be in them when there is positive value from doing so.
I just ran a standup. I do this every day. 8 people for 15 minutes. Let's suppose their average salary is $50/hour. That's a $200 meeting. I spend another 30 minutes per day summarizing it, making notes available, and elsewhere keeping a status page up to date so that other people don't have to ask about that meeting.
That extra work keeps another 5 people from showing up. That keeps me from having to have another set of meetings with those people. That keeps the meeting from ballooning to 30 or 45 minutes per day.
In a good organization you want everyone thinking about meetings like I just did. Yes, lots of meetings are needed. Yes, important people will spend most of their time in meetings. But make it efficient. And eliminate any meeting, and any person from any meeting, that doesn't pull its weight.
Organizations should be run with the necessary minimum of meetings, hierarchy and administration. Universities have entirely lost sight of that. And our response should not be a complacent excuse that this is how it should be for any organization of that size. Our response should be to call them out on being severely incompetently run, with no excuse other than the self-aggrandizement of useless bureaucrats.
Big corporations do require bureaucracy, but smaller entities use bureaucracy as a substitute for competency and autonomy.
You can find smaller scale versions that operate on similar principles. https://hbr.org/2013/11/hierarchy-is-overrated
As to Universities Students already self organize around major creating an internal market. Some Universities try and limit the sizes of various Majors, but that's far from necessary. You generally allow professors to seek outside funding for post docks etc without command and control oversight.
You could use internal markets to make various decisions such as funding allocation. Though self organization is often just as efficient.
Net result, you can easily have a University without a president/CEO. Their are even plenty of historic examples of this.
So, it looks like a duck and smells like a duck to me.