Demand is through the roof - there are 20 candidates for every 1 place, and those candidates have almost unlimited access to loans. So the price is immaterial, if you get a place, you pay whatever they ask.
So sure, there's going to be administrative bloat - because there's literally no limit to the purse strings. And this is exacerbated by university rankings which will literally list staff:student ratio as a metric. But none of this has anything to do with Quillette's racist agenda.