Some universities believe that having practical skills is important and it prepares students for their career as studying alone would not prepare you for real world scenarios. For example, a student enrolled in a human resources course would study about human psychology in university. However, dealing with humans at a work place would be quite different due to the attitude, personality, environment of the individual. Texts books alone can not teach you how to manage a situation, but you will be able to study guidelines on how to best approach the situation.
Other universities believe theoretical studying is more important as it provides students with the basic knowledge and operations of a a business. This would help them to better navigate and approach the situation or task. For example, a student enrolled in a university with a marketing major would learn the different aspects of marketing. They would learn about customer behaviour, about the product planning, how to perform trend analysis, which in turn would be basis for their understanding of the business and the marketing function. When they acquire a job within the marketing function and tasked to perform a customer trend analysis, although they would practically not know how to execute the task, they would know what is expected of them.
While some universities trust that practical knowledge supercedes theoretical knowledge, I believe a balance between the two are important. This way the student understands the basic knowledge of the business and with the practical skills they are able to excel in their job.