The thing with music/production school boils down to the student. Those that go in believing that this is going to make them famous and/or rich because it looks like lots of fun and glamour, will probably not get their money's worth. Those that go in with a genuine hunger for knowledge and training because they live/eat/breath music, will likely get their money's worth and then some(IOW, those people will find a way, no matter what, and the education speeds the process).
Plus, its not cheap to give students a multi-million dollar facility to learn and train in.