Those fresh out of uni have yet to see the executive suite cut back on (or eliminate) quality assurance because it's "too costly" and it "slows down development".
Amazing how many managers think you can save time by cutting quality isn't it? (Because what I see happen pretty much every time is it would have been quicker just to do it right the first time. You end up having to repeatedly fix the half-ass version until you get a working version.)
When you think of people who teach at a college, you probably imagine moderately affluent professors with nice houses and cars.
You must be thinking of a different institute than I do. Professors don't teach, they're too busy doing their real job of research. The teaching is done by adjuncts and grad students.