What I find rather fascinating is that there's quite clearly no business model for MOOCs. Sure, there's a model in which a bunch of grifters get paid, but there's no model such that prestigious state and private universities actually make money off of them. Institutions are selling a pedigree, credentialing, networking, social experience, education, and a brand. MOOCs pretty much nullify all of those things.
But grifters gonna grift, and administrators gotta justify their existence.