I think there may never be a full replacement of these institutions, since the bloat began before the DEI as middle class kids went to college for diplomas to get them jobs that didn't require 4 years of education.

I think the replacements for universities will be far more flexible and less centralized, as a lot of the information that used to require physically accessing archives is now available online. Perhaps there will be small education options focused on short-term high intensity studies on the latest tech or equipment, instead of an expensive 4 year sojourn, but also 1/4 of courses being outside one's major, filling the student's time and slowing their accumulation of knowledge in their desired field.