Education and many industries have been destroyed via regulation, effectively snuffing out competition which could make them produce better quality and quantity of outputs
Edited: to add, this speech talks a lot about the reduction in research funding from the US government which arguably has nothing to do with the regulatory environment.
We are so very far from any of that, that people think it's merely funding or AI or immigration causing this current issue (maybe immediately but not on the long term trend if you see older articles on a "college bubble" maybe a decade ago), where it is decades of over-regulation of these industries preventing any competitive alternative to them
So you get less and less quality options that cost more
Evidence of this would be in contrast, something like computer hardware that keeps improving and getting cheaper, relatively speaking