https://en.wikipedia.org/wiki/Building_20
Building 20 was razed to build the Gehry-designed, donor-named Stata Center (incorporating a donor-named Gates "tower"). Breaking with MIT tradition of calling buildings by number, IME most people call it by donor name. (Gehry's reflective surfaces could blind biologists in building 68 across the courtyard, at least before the donor-named Koch building was installed nearby.) Stata has its merits, but I think grad students who punched a hole in the wall would be in trouble.
https://www.pushkin.fm/podcasts/revisionist-history/lord-of-...
I agree with your main point, but see a different cause, though. The problem is that parents and students use these reports as a bellwether for identifying prospective schools. Campus visits (short visits) where you see what the campus looks like, but don't actually learn what its about is the second problem.
There is too much PR and not enough focus on substance in higher education, just like there is in many, many, many areas of life in the United States today.