it IS more than that. the university's purpose - and the reason its granted non-profit, non-taxable status - is that it is a public good, paid for by the state, to educate its citizens and produce value for the state. that education and the fruits of it through research, development, and producing the next generation of talented americans is the reason it exists.
not a football team. not a rock climbing wall. not a state of the art food court and gym. not a assistant to the assistant provost for student inclusion at the dental school.
universities have lost their way in some many areas. the relentless pursuit of profit via the football team is just the most obvious example.