I think the sort that get accepted to these programs also tend to be the sort that would consider just sitting on the beach sipping martinis to be something that'd rapidly become hell. It's just boring. So you'd have a group of ultra highly driven people with 4 years of undirected self study, but also access to pretty much all the knowledge they could ever want in the era of the internet.

It's really impossible to predict, but I do think the results would be interesting and not necessarily what you're implying. In today's era of assumption of education = skill, we often forget things like the Wright Brothers were a highschool grad and a highschool dropout -- yet they effectively invented aeronautical engineering with some skills they picked up operating a bicycle repair shop. There's some major dissonance between what we, collectively, ought be doing today - and what we actually are doing. I think it's a mixture of exponential leaps in entertainment and a general worsening in the condition of entrepreneurship (imagine how laws you'd be breaking by trying to fly your own homemade airplane now a days!) Your idea would at least certainly help combat the latter simply because that's all there'd be to do!