This Wikipedia article [1] seems to match this situation well.
I believe the real purpose of the current administration is to establish a precedent of suppressing dissent at universities. Their method is twofold: (1) Ambush and spirit away students to intimidate the student community and establish an atmosphere of fear, and (2) make it clear to university administrations that their research funding — to the tune of hundreds of millions of dollars — will be taken away if they don't suppress dissent.
They are not just doing this to universities. They are doing this to members of congress (threat of primarying by Trump and Musk), judges (threat of impeachment), law firms (threat of canceling federal contracts and security clearances), etc. This atmosphere of fear and intimidation — of pretty much everyone — will be needed when Trump refuses to give up power at the end of his second term.
[1] https://en.wikipedia.org/wiki/State_terrorism