I think it's interesting how the intent of college has changed from one of creating a philosophy of life to that of essentially a vocational school that may or may not teach the actual skills necessary for a job. From what I can tell this shift goes back as far as the Morrill Land Grant of 1890 in the U.S.
It's also interesting to me how much inertia the system has. When I talk to young students, many seem to go to college because "that's just what you do after high school" or pick a particular school simply because "everyone" has agreed that's a great school without being able to articulate why. Marry that to human resources who require degrees to filter applicants because that's the method "everyone uses" while not being able to articulate what relevant skills that particular degree confers to the job and you get a self-licking ice cream cone.