There's literally no market incentives for it to be otherwise. Look at the factors.

50+ years of institutions and borrowers alike trained to believe that education debt is "good debt" that won't hurt them.

"Club ed" arms race of expensive non-education-related amenities, targeting students. Essentially it is marketing costs passed on to the student/borrower.

Heavy subsidization of student loans by state and federal governments.

Laws to make student loans not discharged in bankruptcy.

Constant implication that growing amounts of student debts can or should be "forgiven" by federal programs.

If you are the lending institution or the college, literally all of those factors only incentivize charging more.

Driving prices down would require meaningful competition or a feasible alternative. I have encouraged hiring managers to look at alternative credentialing and training for this reason. No bachelors degree is worth going $200k+ in debt for.