Because the world has grown more complex and more education is required. It isn’t 1955 anymore.
How is the world more complex? What else needs to be taught today?
And as a follow-up, what of that "else" is taught to a majority of university students?
More education isn't needed. Specialized education tailoring to an individual's needs is what is lacking and somehow everyone decided college is that education, because companies refuse to fund training programs.