Funny I started in electrical engineering and eventually got a degree in physics; don't remember any "wild equipment" -I remember a few diodes, some breadboards and some oscilloscopes from WW-2 era. Pretty sure you could buy all the 'wild stuff' I ever saw as an undergraduate for less than a year's salary and use it for the whole school forever.
Most of the money goes to salaries, and at this point, most of the salaries go to administrators who add no value. There's also a lot of duplication and nonsense in modern curricula; someone could easily do a better job.
It's bad enough the Thiel Fellowship looks pretty good; you have to assume modern college has nothing to do with actually educating people; seems to be more of a codpiece than anything else.