The problem is that the "party aspect" only works because it's bundled. "I'm going to spend the next four years of my life partying" is not the kind of decision that parents and society are likely to subsidize.
And frankly any environment where you put together large numbers of young adults will probably result in "partying" if they have enough time and space to do so. There's a reason that drunken sailors staggering back from shore leave are a centuries-old cliche.