Some do and have reigned in the public universities.
The big issue with me and Private for profit style schools, they are often glorified community colleges, charging a rate well over what they can deliver, and their requirements are low, so they trap people into something they really can't handle, for an amount they can't pay back, for a job that won't let them pay it back.
They are the pay day lender version of education. Sure, if gives the poor and unqualified access to education (capital in the case of pay day lenders), but at such a high cost, it traps them.