My children had their own bank accounts even when they were in high school. I see this as part of the rather long task of helping them turn into adults.
The main reason that I can see to have a joint account is if one person, probably the parent, is likely to be incapacitated. Sometimes when people get very old they lose the ability to look after their own finances, and need help from someone more capable – typically an adult child.
I can see a reason for a child to let the parent view their university account. For example this can allow a parent to see what the child owes, and to pay tuition and fees and potentially other bills when needed.