[martindbp]

Exactly. I think the people who oppose this do it for sentimental reasons. Either because they want the prestige of a place like Stanford on their resume, or they enjoyed the social milieu. A social network of similarly ambitious people is also arguably more important than the actual knowledge. The knowledge is already available for free online, and like Bryan Caplan points out: at many universities you can just go and sit in class, but nobody does it because what you actually want is the credentials, not the knowledge.