Ignoring all the social benefits of institutionalized learning, the structure really hasn't been challenged by any other offering. I think to make individual or even group learning explode online you need a new structure that doesn't exist yet. You need to be motivated to explore an avenue by being presented with goals, milestones, structure and community, mentorship, and rewards as well as compelling course material.
Online learning for the most part is akin to being left in a massive library, where formal education is largely supportive.
The software required to disrupt education needs to be more supportive than a campus full of staff, handing out scholarships and creating lifelong relationships. That's not simple by any means. It has to take you by the hand, ask you all those questions you have horrible, inconclusive or delusion-riddled answers to and then give you a package and point you towards a goal while lumping you in a group with others and placing frightening consequences on failing to complete the job.
This would have to be done by creating the system to automate the process and bring the people together, sprinkling mentors into the mix with rewards for their performance, having 'tuition' in the form of reasonable payment plus a premium that gets donated to charity if the student drops out, and excellent rewards for success, such as company placements at the best employers. It could work as a pilot project with a single class and expand from there.
I think the real problem is, helping people find and commit to their passions. Education is an easy step once that's accomplished. If students don't make the effort to really analyze their goals and passions they will be failed by their education regardless how cheap or accessible it is.