Basically it's because of unlimited/unconditional student loans that are 100% backed by the government. If students had to pay out of pocket, the market for use

Basically it's because of unlimited/unconditional student loans that are 100% backed by the government. If students had to pay out of pocket, the market for useless and expensive programs would collapse. If lenders had to bear the risk of default due to the sheer uselessness of certain degrees, they would loan much less money.