Of course they are not the same thing. So why are we comparing them as if they were? Rather than identifying a library's strengths and comparing that directly to universities, you should identify a library's strengths and a university's strengths, and compare the two sets.
I didn't set out to identify a library's strengths. I believe many of the university's supposed strengths are actually better applicable to libraries.
Libraries also provide a meeting place for the community, access to librarians, and many free classes.
I do agree it makes less sense now for libraries to have large physical collections. The shift to an online library seems inevitable there. But access to this from local libraries is still important.
1. Colleges have their own libraries
2. Cost of tuition is way more important to him/her
How much information is in a library that can't be found elsewhere online? Now what about the other way around, though. How well can advanced college topics be taught with a book from a library?