Its not. Stanford and other elite schools know their brand name is immensely valuable and students will keep enrolling even if campus social life is bleached of all fun. The only real force pushing back at all are alumni whose donations fall (briefly) when a university squashes something too explicitly that had an unusual amount of sentimental value. But that just slows things down a bit.

Oh I don't mean at Stanford specifically necessarily, I mean backlash in the culture broadly.

I can't see why. People won't stop hiring elite university grads, or being impressed by them at parties, because they hear the university social life has become less enriching.

"Hold my beer" -- The people who never went to college.