> Higher education in the US is trying to fulfill so many roles it's unsustainable.

You forgot the most important one for companies: use college or the preference for "ivy league" institutions which is on its own a neutral requirement as a proxy to weed out "undesirables" without violating the ADA and other laws: people with mental health issues and many physical disabilities don't stand a chance for the top grades, as do people from poor financial background.

It's all about keeping "corporate culture" aka White, rich and able. Anyone else is left for the bottom jobs of society.