Journalism schools exist. The supply of people stupid enough to get a graduate degree that costs tens of thousands of dollars that takes two years of your life who don’t expect to make a good salary is quite limited. Unless the graduates of J schools always expected to rely on the family money or their supportive spouse.
There's a lot of examples of dumb schooling choices that continue to exist, regardless of prestige. I don't believe I share your outlook on this, especially given that I've seen it first hand.
