That is dependent on the economic cycle. In boom times employers hire anybody with a pulse, in bust times the glut of resumes for a job opening makes employers choosy. If out of all resumes for a retail associate job one candidate stands out due to his MBA and experience, he will likely get the job. That does not imply, however, that all retail associate positions now require MBAs.
We have public funding of higher education because a better educated populace is a better democracy and a better public.
It's an intrinsic value.
See also: http://www.salon.com/2014/06/08/colleges_are_full_of_it_behi...
https://hbr.org/2015/10/firms-are-wasting-millions-recruitin...
http://www.economist.com/news/briefing/21640316-children-ric...
http://www.economist.com/news/special-report/21646985-americ...
We spend a huge sum of money on "education" in the US, but the two-party, democratic government we have obtained for ourselves has left a huge fraction of the people dissatisfied and impoverished.