In a nutshell, that we’re in a period of reduced faith in higher education as a whole and increasing attacks on the higher-ed sector from various political angles, and so an ad campaign like this one merely offers ammunition to higher-ed’s opponents.
There are also claims that the satire is misguided, and it ignores the important social good that hyperselective/highly-endowed universities do—but at least in the article’s reporting, that one seemed secondary.
ETA: I’m in a bit of a rush at the moment, but I’ll try to come back to this later today to add selected quotes from the article to the thread, if nobody does so before I can.