Rather say that it is "overbooked" from an employment-seeking perspective.
I see your point, but I also think you can get into trouble deciding whether a degree is "pointless" entirely on its current market value. Computer science may have seemed like a pointless degree at one point during the 60's.
How many people in the 1960's came out of Computer Science programs only to end up 'flipping burgers' and wondering where they went wrong? You can pursue a field because you love it, but you need to realistically take a look at your job prospects when you make the decision to go for it.
> Computer science may have seemed like a pointless degree at one point during the 60's.
There weren't many folks with CS degrees in the 60s. (Stanford's department, which is one of the oldest, started in 65 and didn't do undergrad until the 80s.)
computer science was the philosophy department, the psychology department, or the math department.