It knocks the idea that the kid is better-educated at 21 than his father was, and that he has MORE opportunities because of it.
It knocks the sad fact that the kid's father and grandfather were entrepreneurs, but somehow taught the kid that he has to have A Real Job with a Career Ladder and 401k - or nothing at all:
"The parents and grandparents, like so many parents today, are disappointed in their son because he's not taking their advice, but in fact their son is taking their advice to its inevitable conclusion: he's holding out for the perfect corporate job."
It has, in short, nothing to do with you, your school, or your defensiveness about graduating college.
And if you think college graduates today are actually smarter than they were 30 years ago, I'm afraid you're sadly mistaken. Their facts may be more up-to-date, however, writing skills, reading skills, and whatnot, are down across the board.