I’m sure that the ridiculously high cost of an MBA has absolutely nothing to do with this development...
One of the first things a businessman learns to do, is how to evaluate a proposed course of action, to see if the anticipated return is better than the expense. If the answer is not, to a high probability, "yes", then don't do it.
It's not whether the MBA will land a job. It's whether the improvement in salary is worth the cost of the tuition.
IMHO MBA programs also create a very dangerous type of groupthink. It helps to fuel panics, bubbles and busts.
It is safer for the economy if decision makers are coming from diverse backgrounds with various viewpoints.