On one hand it's enormous, clearly suboptimal, and clearly in need of change.
OTOH, anything outside of institutional norms is relegated to extremely small niches... with self learning being the most vibrant. Very hard to innovate within the box. Very hard to access the market, in money terms, outside of it.
Your online education product can be 10X better than a college course. It can costs 10X less. That's still not going to mean you compete with the college course, even if the college course is mostly online.