University students don't become experts in anything. For a non-technical subject, the knowledge gained isn't really going to beat a normal member of the public with an interest in the subject. English literature students, for example, just leave with some long essays under their belts, they don't graduate as well-read authorities on different epochs of literature. For technical subjects, I suspect most the skills learnt are forgotten afterwards.
It's just too easy for people to coast by, or cheat. The astonishingly low pass marks in some courses have the added effect that the bright students don't need to really get on top of their game to get a good grade. So most people who graduate are far from experts on what they were learning about. As in, if a member of the public needed any of those skills/knowledge to do their job, they could acquire them privately without much difficulty.