I agree this is a bubble, and is likely headed for a crash. It's hard not to be worried about what may happen then. In the best case, higher ed. would largely be replaced by something cheaper, but maybe just as effective. In the worst case it would herald the end of the middle class, as a generation gave up on the idea of maintaining the lifestyle their parents had. Only the rich (and a lucky few talented or favored poorer students) would be able to afford college.
Depending on the prevailing political situation, there might be government intervention to shore up the availability of higher ed., or not. Depends whether the Dems or Repubs are in charge when it blows.