I would actually have a little more respect for them if they did ban them outright. With the way it's set up now, they can say "oh, we didn't ban them, student interest decreased" (conveniently not saying why it decreased). There is way way way WAY more $$$ and old boys behind the Harvard final clubs than there was behind, say, Zeta Psi at Bowdoin.
Also, apparently at Williams, the students were the ones behind the decision to get rid of fraternities, not the administration.
https://specialcollections.williams....ng-of-the-end/
If students want fraternities - or things that are like them - they will continue to exist. This does, however, include keeping your mouth shut and photos off the internet, a task which seems as out of reach for this generation as walking on the surface of Saturn.