One related problem I see is the pipeline for producing working mathematicians seems to have been completely and irreversibly decimated. What’s the point of doing a long and arduous PhD when all PhD level research problems that used to take months to years can be solved by far less talented people with $100/$1000/$10,000 to spare? How do you even select people into your program (this part is likely hypothetical, classical talent selection probably still works at the moment, but what about in a couple years)?

Disclosure: I did a theoretical physics PhD, but got admitted to quite a few top math programs back when I was applying to math and physics programs simultaneously. If you asked me whether I’d do a PhD today I’d say why bother.