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This sounds very foolhardy. Why not save the money in case? In the (IMHO) highly unlikely situation that the system collapses, you'll have a pot of money you can spend on something else.

Exactly, why bet on your child's future. Maybe whatever the trend is around then costs equivalent amount of money that you need to pay for college now.

Also, as far as other professions which require licenses are concerned, you'll always have to go through some institution to do that job, lawyers, civil engineers, doctors, etc.

If you’re really that worried about it, save it in a joint taxable account. That way you’re “just” gambling away the preferential tax treatment (substantial) of 529 because you’re pretty sure you’d take the 10% penalty when it blows up. That’s much more equal bet than not saving.

Betting that a system that has stood for decades collapses on a time line that suits you seems bold to say the least