I mean the oligopoly of labour markets globally (especially for tech) has really not changed and there is less VC cash out there to sate people who want to work for their own vision.
I think they generally do OK in regard to practical training in the US. Assuming the student doesn't cheat their way past programming assignments.
Universities tend toward teaching long term fundamentals though, as opposed to hot technologies that just appeared and will be mostly gone or outsourced after the next bubble is over.
Call me a cynic but part of me feels like this is really about helping Google lubricate the gears of their own recruiting pipeline.