But, for everyone else who lack the will power, discipline, attention span for self-education, college is a great way to structure higher education. College is more than just a piece of paper, it's an opportunity to explore new subject matters and grow both intellectually and socially.
College isn't for everyone. Most private colleges are too expensive to be affordable to 90% of the attendees. But, nearly every state offers a high quality public university at 1/10th the price, so if cost is the main reason why college is taking such criticism in this forum, then I'd agree in merit, but I'd encourage more students to consider public college options instead of skipping college all together.