The error you make in your reasoning is that all learning is equivalent for all students. This is clearly not the case given the various surveys of the effectiveness of MOOCs, Universities, and 'trade' schools.
I think it is great that the author was able to make this work for their learning style and their goals. Some people require the 'deadline' aspects of turning in assignments getting graded. Others learn best by exploring a topic and experimenting with it to test its limits and to test their understanding. Still more learn best by working with an expert and watching their work and asking questions to understand their process.
None of these are 'best' or 'worst' or even moderately comparable. It can help a person to be more successful if they can identify what environment is most effective for them to learn something and then optimizing around creating that environment.
So to answer your question, the teacher/lecture/lab/homework environment works well for some learners. They can readily exchange money for additional knowledge which they can then turn into more money by applying it to a job.
I think it is great that the author was able to make this work for their learning style and their goals. Some people require the 'deadline' aspects of turning in assignments getting graded. Others learn best by exploring a topic and experimenting with it to test its limits and to test their understanding. Still more learn best by working with an expert and watching their work and asking questions to understand their process.
None of these are 'best' or 'worst' or even moderately comparable. It can help a person to be more successful if they can identify what environment is most effective for them to learn something and then optimizing around creating that environment.
So to answer your question, the teacher/lecture/lab/homework environment works well for some learners. They can readily exchange money for additional knowledge which they can then turn into more money by applying it to a job.