Should it tell me something about the quality of undergrad CS? It's not. It is, however, telling me something of the priorities of undergrad CS. (This goes to the OP's question, too.)
The priority is to cater to their clients: the students. And the students usually don't care so much about the language as they do the ability to get a job afterwards. And this means C/C++, Java, and/or VB. If employers change their demands, the universities will definitely change their courses to follow.
There are always some professors in some universities who are more concerned with teaching some purist programming goals than the employability of their students. Or they think that pure CS ideals are employable (and I've had a job where that is true - although they still used primarily C++ in as pure OO fashion as allowed by that language). These professors use Pascal, Python, Turing, or whatever they think is the purest language for teaching the subject matter. Perl doesn't even make the long list here, nevermind the short list, because Perl enforces almost nothing on the programmer, which is definitely not pure CS theory.
Update: Added "usually" to the second paragraph.
