1. This is a graduate degree.
2. Part of the degree is doctorate type of stuff (research methodology). This content is definitely needed. The other part is stuff that is unique to universities, and it is all over the map — finance (including fund raising), policy, governance, student development, campus culture, etc.
You can’t just take a random professor or a random business person and expect them to be a good university administrator. It’s a topic worthy of research and study, imho.
All that said, many of the folks I know who majored in this field absolutely drink the kool-aid and are mostly full of shit. I personally think that’s due to the folks who are shaping the areas of discourse in this field (mostly in a very near-term sort of way that lacks vision) more than it being an issue of the field being fundamentally flawed itself.