It’s essentially a luxury service in many ways without the ability to provide the luxury.
Bachelor's degrees are not significantly changed, post-bac programs are up 20% or more, and master's programs are up as well. This suggests that students with money are seeking more schooling and more expensive schooling, not less. It's the poor people who get two-year degrees who are dropping out.
But I agree with your point generally, this probably has nothing to do with a backlash against college itself, and instead seems to be something more specific to "college-adjacent" degree programs.