There is another facet to this equation. Think about an investment banker. The skills an investment banker learns in college are largely irrelevant to his job.

One could say that his degree was entirely a waste of time, yet in order to qualify for a job in investment banking you need to go to a prestigious school and excel.

I see many spaces where education is largely irrelevant and functions only as a filter to reduce the supply of people who are qualified for a job.