Not just art schools but the approach to schooling in general needs to be reinvented. The current model is based on humiliation. Making art brings a sense of enthusiasm which is essential for education. The problem is that our education system is based on the notion of being "productive" and creativity could care less about this agenda. That's a good thing.
Yes, art schools should be reinvented. Everyone needs to have a place they can learn and grow their creative side. Art schools will give those interested a place to start learning for future jobs, and help people continue to do what they love and know that it is going towards a solid future.
In the current economic climate people need to be supported to in order to find a job. In the past people could graduate from art school, pursue their art but also work in another field to make money and pay their bills. Now there is too much competition for even minimum wage jobs. Art schools need to be reinvented in order to help graduates become financially stable.
I have many friends who are currently attending art school. What they have told me, they have many classes that do not contribute to what they need to become growing artists in the art world and better yet, to create art that would be marketable. Art schools today focus too much on the theory and history, and while that is very important some of it, such as creating a presentation on social media, is not relevant to what an artist wishes to pursue. I think art curricula needs to focus on the student's needs. If one wants to be an illustrator, have classes related to it, including a class on how to make your piece marketable.
We do not need to waste our times messing around with fixing or otherwise changing art schools, because they are ridiculous things that need to go the way of the dinosaur, so to speak. They do not teach anyone anything interesting, so why bother doing such a thing or having them.