I have attended three different Universities (including BYU) and the amount of anti-Mormon rhetoric at the two others was extremely annoying. Professors who openly hate religion (unless its Buddhism or Islam) openly calling me out for my "ridiculous" beliefs during classes and the administrations doing nothing when it was reported.

Maybe the leaders of the Church recognize this trend, that many universities are becoming increasingly anti-Christian and even more anti-Mormon, and they want to provide a place where LDS students don't have to deal with it as well as more easily keep their standards. The demand is high. All three Church Universities are bursting at the seams. You could very well advocate a fourth. I for one trust the brethren on this, and that there might be needs that outweigh the cost.