Already started before Covid. It’s more about simple math. Less people can afford these schools. “Because diversity and inclusion” sounds better than “too expensive”, it’s an easier sell to the public.
Median US income is about $60k/year. COA for many top schools is $75/k year. Even my state flagship is $35k/year. That’s $300k for aundergrad education at a top private school. Family of 3 would need $1M to send kids to top schools. Not doable if you ever want to save anything for retirement.
School debt in the US is about $1.6 TRILLION. That tells a lot.