Determining how well a school did at teaching people subjects like literature, foreign languages, science, mathematics and history now depends on how many of their graduates became stockbrokers and business executives, not on whether the school actually did a good job at educating their students.

Assessing the quality of education by economic output means the engineer who declines a job at Google or Facebook to take a job at a human rights non-profit is a "worse" engineer, and their education must be considered substandard compared to one who goes and takes a Big Tech job. Same with doctors who volunteer to run free HIV clinics in sub-Saharan Africa when they could get a job doing buttlifts for movie stars in Los Angeles, or lawyers who become public defenders or represent asylum seekers and other public interest clients rather than doing extremely well-compensated corporate work.

In as much as it reduces all of human life and values to numbers on a spreadsheet, yes, there is almost certainly something wrong with it.