I never thought about it, but there must be a financial reason universities value "affirmative action" above education. Universities are all about money, and since they can now get money from Federal education bureaucrats (who are Marxists), they are now all about Marxism and nothing but Marxism.
So I ask, how does affirmative discrimination lead to more money for universities and their ditzy Stalinist presidents? There has to be an answer.
I think that you may be onto something, because U of M Pres. mentioned something about no layoffs at this time yet, or something to that effect.
Well if there is, it's not because the diversity admittees give more money to their alma maters. The diversicrats have been embarrassed to find that the reverse is true.
I don't agree that this began because of financial motivations. However, now that it is in vogue to make skin color and two x chromosomes a higher priority than excellence, academics know that becoming a diversity cheerleader is the way to advance their careers (i.e. earn big bucks as an administrator).