Colleges transitioned from being a place of higher learning to a place "where dreams come true" several years ago. Preparing your students to build the next Angry Birds or Facebook instead of reimplementing a search algorithm that has been implemented a million times before is much more in line with the goals of both parties. A strong foundation in CS is not necessary, or even important, when your goal is financial success.

I do agree that the fundamentals are very important for those who are interested in pure academic pursuits. It is very unfortunate that college has become the goto place to get a job, not a place to learn. But the truth of the matter is that the vast majority are only in class because they are looking for future wealth. Colleges, being businesses, will naturally tend towards catering to their customers.

The good news is that with the proliferation of the internet, academics can now learn about CS fundamentals even if the formal CS programs go into decline. Of course it is not too late to fix the education system, we just have to get past the idea that college equals job and return school back to its roots of a place to research and study.