Depends on where you are, I guess.
I work at a University in Germany, and most meeting rooms are either 1) very old and exactly as you've described, or 2) updated in the last few years and actually usable. There doesn't seem to be an in-between.
Either way most universities only feel compelled to spend money when something breaks. I wish that was different, as it makes my job very stressful at times, especially when multiple things break within a small time span.
More brightness/better contrast is probably the more important feature for university applications as it allows you to see stuff better even if we are not in a black-walled darkened cinema space.
Everything in 4k with decent colors and high brightness costs a fortune.
But a DCI conform 4k Laser projector is really a view to behold. If only it wasn't so damn expensive.