One might consider three factors, here.
First, Luther Rice Seminary was primarily designed for those actively involved in a current ministry, uisually pastors, but also those in 'staff', and education type positions, who wanted some 'further education', usually considered beneficial to the pastorate, or other ministry, such as something akin to a (then) B.D. or a B.R.E. or something similar, who could not, viably, (or were not willing to) give up this, in order to attend an "on-campus" type institution. Nevertheless, there was a 'need', if not a 'demand' for something such as this, and the founders saw this.
I believe, if I recall correctly, after almost 40 years, that one could not even earn any degree from 'classroom study' alone, on campus, unless one was actively involved in a ministry at that time. (I have no idea what the specific requirements are or may be today.)
I have the highest regard for the vision and ministry of the late Dr. Robert G. Witty, the genesis of the idea for a "distance type" education, and the genius behind the establishment of Luther Rice Seminary. (BTW, Dr. Witty went home to be with the Lord, only earlier this year at the age of 101.)
Hence, Luther Rice was the prototype in and for "distance education" for a Christian institution. Some are correct that Luther Rice does not offer the same exact degrees, today, that it offered in the early days of the institution. I have a longtime personal friend, who earned a B.D. from LR, a degree that is not offered today.
The second factor is, as some have noted correctly, that LR is not designed to be a "research" institution. So what? One can attend a "research institution" and not pursue a "research oriented" degree, such as an M.Div. or M.A.R., for examples, intending to get involved in the pastorate, or some other 'Christian avocation'. The two are not 'mutually exclusive'.
The third factor one might consider is that LR was and is a leader in 'distance education'. Were there never a 'LR', many would not be able to have any 'continuing education' desires effectively fulfilled, even today. So I, myself, say, "Praise God for LRS!"
We will never fully know the influence and effect of LRS this side of the Judgment Seat. But I have little doubt, that overall, it will be a "Well done, good and faithful servant!" effect.
Ed