The city restored the fountain, not Pitt. Pitt had nothing to do with it. Pitt doesn't own it and it doesn't sit on Pitt land and it is managed by Pittsburgh Parks Conservatory. However, it has been a major photo point of the university since it moved to Oakland. That said, if it induces vomit in you mind, you are in the vast minority and it certainly isn't an opinion shared by anyone in the city or university with any influence.
Across the street, both Pitt and UPMC both did give money to support the Park's re-creation of Schenley Plaza, which is also city park property, and is also managed by Parks.
Behind the fountain, Pitt owns the Frick Fine Arts building, but the land is on is perpetually "leased" to Pitt as it is technically in Schenley Park. The school received special dispensation to place it there due to Helen Frick who donated the building to the school. She insisted on that location (originally targeted for the Cathedral Lawn), in part due to its juxtaposition with the Schenley Fountain and Schenley Park's main entrance. It is the home to the Department of History of Art & Architecture and the Department of Studio Arts. It is one of the university's main classroom and lecture buildings (its main lecture hall is one of the university's most used lecture and presentation spaces) and houses all of Pitt's art studios, its art library (which is one of the best in the nation), as well as the university's primary art gallery that is mostly used for rotating exhibits (the gallery is not the Lochoff cloister, which was also r
estored a decade ago). Pitt has targeted an expansion of Frick Fine Arts as a priority project. It and the fountain are as touchable as the adjacent Carnegie museums and library: i.e. not at all.
There are essentially 6 "premiere" buildings on Pitt's Oakland campus that it owns: Cathedral of Learning, Heinz Chapel, Stephen Foster, William Pitt Union, Alumni Hall, and Frick Fine Arts.
There are 11 more Pitt owned buildings on its Oakland campus of architectural and historical significance that enjoy local historic designations and that are essentially off limits: Schenley Quad (Amos, Brackenridge, Bruce, Holland, and McCormick), Music Building, Bellefield Hall, Clapp Hall, Allen Hall, Thaw Hall, Gardner Steel, O'Hara Student Center, University Club, Ruskin Hall, and Thackeray Hall. Pitt would also have a hard time trying to do anything with Ebery Hall and the Eureka Building. The City Planning and Historic Review Commissions, and the Oakland Historic Review Commission will never allow any of those to be significantly altered. In fact, City Planning just shot down closing off a doorway on the side of the Gardner Steel building. But that is something like 19-23 out of about 80+ buildings Pitt owns in Oakland, and a good chunk of those were purchased already having historic designations attached.
The non-Pitt buildings that have major historic designations are Soldier's & Sailor's, Pittsburgh Athletic Association, Mellon Institute, Frick School (Sci & Tech Academy), Schenley High School, St. Paul's, St. Nicholas, Phipps, and the Carnegie museum buildings.
And Pitt has spent $10 million to replace 80 year old elevators with a state-of-the-art, destination based system. That's not wasted, that's long over due.