I guess the question is whether the students as a group pay more over all. If not, it feels like a sneaky way for the school and textbook publishers to charge an extra fee for textbooks. It's a fee everyone has to pay, and which the schools control the rate of. And if not having to pay for it directly means that people stop paying attention, the price could slowly crept up to previous levels, and relatively few people would even notice. I mean, obviously no university would ever do something so greedy, so this is of course a purely theoretical proposition...
I imagine the overall revenue is greater than if students were given the choice to purchase or not. I've talked with recent college grads who purchased 1-2 textbooks during all four years, and who indicate this is common at their college. The discount given for "inclusive textbook" programs is substantial, but I don't think it is substantial enough to outweigh the fact that many students choose to purchase textbooks only once in a blue moon.