These things and reputations take years and tons of willpower and planning, so the risk of falling behind is immense.
Good professors are rare. Good classmates are rare. Distributed education lets benefits from the former scale, albeit with degradation. There is no known way to scale access to the network of a good college experience.
Education quality varies with respect to both of the above. As a result, there is a scaling limit. As a result, there will be scarcity until the preconditions are solved or the scaling limits released.
There would be fine tuning in the numbers and parameters but that would kill price as a signal as a good thing as it forces either public rates or exorbitant private school which thinks they can actually make more without the massive prime consumer pool.
There is more value in a Princeton diploma than a Princeton education.