Colleges are businesses. They are subject to the laws of supply and demand, and right now there is not much demand for 55k dollar online tutelage. If the public won’t buy what you are selling at that price, you may have to lower the price, and the way businesses do that is to cut costs. There are many fixed costs at a college, but some of the labor cost is not fixed and thus a likely option for cuts.
The academic labor market is unusual in that they erect high barriers to entry but still have tremendous labor oversupply, with multiple qualified applicants per position, thus keeping wages down. It really isnt the emotional matter of posters not “valuing” what professors do, nor parents not “sharing in the sacrifice”. It is a business, and to survive colleges must run as a business. The econ professors would agree.