Once upon a time, I was pretty involved with Finnish student organizations. It's more accurate to say that Finnish universities don't have that many organized clubs. It's the students who have them. Students often have a lot of free time, and they get involved in all kinds of activities. Their clubs tend to be independent legal entities with minimal formal connections to the university. Some of the more successful ones I knew often had some trouble maintaining >50% students in their membership in order to qualify for various benefits from the student union.
Second, according to Finnish law,
> The mission of the universities is to promote independent academic research as well as academic and artistic education, to provide research-based higher education and to educate students to serve their country and humanity at large.
It has been argued that getting involved in volunteer activities is part of the education. Participating in college sports would qualify, while watching them and supporting your team would not.