Yes it's done that and more. For instance, in many universities humanities courses have taken a hit because they're not as lucrative financially in either students numbers or in other ways. My profession is technical but I'm not in favor of nuking the humanities (especially so core subjects, history, philosophy, languages etc.).
What's really been lost from university education is the once-important notion of learning for its own sake—and of student life—the spirit of Gaudeamus igitur. Those notions were there but dying during my time quite some decades ago, today they've been completely subsumed or swallowed up by financial considerations. That, I think, is a shame.
In an era where financial considerations dominate, the whole issue of grades, passing examinations is crucially important because it's coupled more tightly than ever to one's livelihood than in the past. Hence, it's little wonder we're now seeing these issues looming much larger in students' minds than ever they've done in the past.
(In my time student protested and demonstrated and often did so violently (anti-Vietnam war rallies, 1968 student riots etc.) but from my recollection there was none of the angst about courses/grades that there is here today (except of course for usual level of time immemorial complaints that have always been part of the background noise of universities.)