True. Given that universities fail to eqiup students with the practical skills and sometimes even relevant theoretical skills for the workplace, it wouldn't hurt for them to orient themselves towards research. Right now, I think universities have an identity crisis (have I mentioned that before?) - they are terrible educational institutions and, at least most of them, produce sub-par research.
I believe, the citation rate for academic articles is less than 5% these days, meaning 95% of research remains unnoticed (often rightfully, considering its significance and quality).