If you're right (and you may well be), then I view that as a sad commentary on the state of human education, and I view tech-assisted self-education as a way of optimizing that inherently wasteful "hazing" system you describe. I think it's likely that what you say is true for some high percentage of classes, but untrue for a very small minority of highly-valuable classes.

Also, the university atmosphere is good for social networking, which is one of the primary values of going to MIT or Yale.