It’s getting more and more difficult to justify undergrad 4-year degrees I don’t find it all that surprising that when you strip out the facilities and don’t drop tuition it’s causing this effect.
It’s essentially a luxury service in many ways without the ability to provide the luxury.
The effect of... unchanged enrollment in four-year programs? Did you read the linked article?
Bachelor's degrees are not significantly changed, post-bac programs are up 20% or more, and master's programs are up as well. This suggests that students with money are seeking more schooling and more expensive schooling, not less. It's the poor people who get two-year degrees who are dropping out.
There is typically more of a counter-cyclic effect expected from recession, however. At the school where I work, enrollment this semester set a new record. Apparently that came at the expense of some other school(s).
But I agree with your point generally, this probably has nothing to do with a backlash against college itself, and instead seems to be something more specific to "college-adjacent" degree programs.
It’s essentially a luxury service in many ways without the ability to provide the luxury.