The problem is that in many universities, the managers are no longer accountable to the wider faculty and are instead only accountable to some corporate-style board. However, unlike the true private sector there are no real shareholders with skin in the game to keep the board accountable. It has become a bit like FIFA/IOC and other sporting organisations where once you get into a position of power it becomes almost impossible to dislodge you. Universities where the board and administration are hired and accountable to some kind of academic senate of faculty members tend to suffer much less from this problem in my experience.