You are selling a diploma. Some universities also sell some degree of attestation to the high resilience of their graduates. And of course the space to network. Good teaching is not on the list in my experience.

In general university lectures are horrible (of course there are exceptions). The lecturures oftentimes are required to teach as a condition of research funds, so for many it's not a priority anyways. On top of that most couldn't care less if their teaching style is didactically sound at all.