While the provost may have approved it, this whole thing is another example of administrators running roughshod over faculty (who are, admittedly, disinterested in this sort of thing). I do (hazily) recall that back when I was a frosh, there was some sort of professional program that focused on engineering management and was a joint effort with places like Hughes and The Aerospace Corporation. Given Caltech's long history with the Southern California aerospace industry, this is at least plausible. This was done through the Industrial Relations Center (page 21 here: https://campuspubs.library.caltech.edu/121/1/1992-1993.pdf)

I agree wrt outreach. It should be Watson lectures and setting up telescopes, etc. This isn't outreach, is an obvious money grab.