Higher education is going through a transitional period has information is becoming readily available. I would argue that a university degree (in the USA) is hardly worth what tuition costs. Well, it’s still may be worth it, but if anyone is driven to almost any subject matter, there is access to the information and the professionals in their respective field online.
Accreditation is one reason there is still great value in shelling out ten or hundreds of thousands but there’s an increase in finding talent based on public work being found. Finding Beiber on YouTube is one thing, but the model for finding a musician is not much different from a designer, teacher or architect. The value of accreditation will rapidly dwindle in all fields.
As for the networking opportunities, I’d say going to the likes of Harvard is unmatched currently, however for 99% of the population who will never go to an Ivy League school, the network built is important but again be accessed through online connections if driven. Also, those from the old boys club will be less and less in position of power as access to information and transparency grows exponentially. Wiser folks who eventually will be in power positions will connect with not with those who surround then but those they can connect with on multiple levels.