Agreed. Which is why we aren't allowed to modify the syllabus, swap professors, cut chapters out of the textbook, rewrite chapters in the textbook, move the parking garage closer to the building, or dictate what days and times the classes are offered. What is customizable is my time. I spend it how I want. I pay the university in order to become eligible for credits, and eventually, a degree. I do not pay the university to customize my time in some mock assurance that I will perform better in my field of study. In other words, I don't believe I should be penalized for spending my time in what the university deems is an unwise fashion, as it pertains to earning those credits. Once I pay my bill, I owe them nothing, and they owe me nothing, unless I satisfy the requirements for credits or a degree. Sorry if my view is somewhat business transaction-ish. I feel it is the only way to keep biases out of the grading system!
And they absolutely should not. Which is why they should stop worrying at all if students come to class. Labs and other sessions where performance based evaluations are the only natural way to give a grade- that's a different story.
futurepremed made a great point about state schools. Yes- their administrative decisions are guided by earning more funding. If by skipping class, a student's grade will be reduced (or if the threat exists,) he or she will more likely come to class, and will more likely earn a better grade. And of course, you know what that means for the state university. $$$