It's the employment market waking up to the lack of value of the universities' credentialing. The universities themselves don't have a competitive market to sp

It's the employment market waking up to the lack of value of the universities' credentialing. The universities themselves don't have a competitive market to speak of, because their customers are so heavily subsidized† that their income is still rising, despite the drop in value of their services. The universities themselves may react to market demand, if subsidies for their services decline, but it's also possible for subsidies to increase, despite the lack of value, as is often the case for a declining industry with a significant political presence. † Student loans may be repayed by the recipient, but they are not granted based on the market value of the loan, so they act as much like a subsidy as student loans paid by third parties.