Less than 1% of CS undergrads are looking to become academics.

Your perspective is simply outdated, and not remotely in line with the expectations of the vast majority of students. People are expecting to pick up the theoretical grounding & directly applicable skills.

Its also honestly, a bit like saying people studying Business Management at a major 4 year university are only looking to study it on a theoretical knowledge. And should have no expectation of obtaining practical, real-world, directly useful knowledge.

If your perspective was dominant at Business and Engineering Schools, they would be dying institutions in 2018.

Its just simply, not the case.