I'd argue it's still worthwhile for degrees like Computer Science if only because HR like candidates to have a degree. (Although this is slowly eroding and may change in the next decade or so)

But the value of less directly applicable degrees like the humanities, social sciences and arts has decreased a lot.

I think in the past simply having been to University, irrespective of the major, was a strong signal. Nowadays graduates are a dime-a-dozen so you'd better have a major that brings real value to your employer.

Plus a lot of the younger generations may have older family members who graduated from college yet have little to show for it.