It’s a story similar to Healthcare in the US. It’s so expensive because so little is actually spent on healthcare vs paperwork and administration.
https://www.thefire.org/administrative-bloat-and-academic-fr...
https://www.huffpost.com/entry/higher-ed-administrators-grow...
Universities used to look like high schools, and still do in many parts of Europe (and at community colleges).
The university can save some money because it use less soap and bleach, but I hope they are still paying the cleaning crew.
Example: At the college I went to, the food service company that handled the cafeteria had some interesting clauses in their contract that gave them a lot of control over who else could cook food for an 'on campus/university sanctioned' event. It's been a long time so I can't remember the specifics, but I think we had to switch some fraternity events from cooking hotdogs/hamburgers outside to just bringing some Carry Out pizza.
On top of that, the workers for that company weren't paid well, the food was typically about what you'd expect from, say, bulk purchases from Gordon Food Service, and very expensive for students.
Speaking of that, IIRC if you lived on campus you had to have some form of meal plan (I assume that was also in the contract.)
You can't buy insurance for something that cripples everyone. Math isn't magic.
All-in-market-rate-no-discount-no-subsidies-international-student tuition was ~100,000 CAD/4 years.
It's true, though, we did not have a stadium that could sit 60,000 people, or two olympic-sized swimming pools, or four-star-hotel-accomodation dorms that we were for some reason forced to live in, but we also weren't paying $100,000/year in tuition.
The simple answer is to get rid of government backed student loans and have the schools back the loans and aid themselves. That way, they will be incentivized to not indebt 18 year olds when it is unlikely they'll be able to pay back the loan. It will also incentivize them to focus on more important things.