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Besides of course sexual selection, considering in this section only "formal learning" activities.
Consider e.g. the 2020 University of Oxford, where many many people are taking courses without any laboratory work (and also without much use at all) like literature and history, and they are paying about 9k pounds/year for it: how much it costs to study at the University of Oxford?.
Basically all of this could be done online from books.
Laboratories are impossible however, because expendables of every experiment you do cost from hundreds to thousands of dollars, not to mention crazy upfront equipment costs.
For this reason, the brick and mortar aspect universities should focus exclusively on laboratories, and ensuring that the students with the most relevant knowledge (which can be readily obtained online) get access to those laboratories. Students should of course fully master every aspect of theory pertinent to their experiments. principal investigators should hand pick whichever criteria they want to select their students, possibly based partly on exam as a service if they find it a useful metric.
Furthermore, the use of laboratories should put great focus on novel research. A lot of laboratory instruction could be done from video of an experiments. As much as possible, we should use laboratories for novel research. Related: Section "Videos of all key physics experiments".