They ignore the fact that the degree is supposed to be a proof of "This person has X skillsets at minimum". It no longer is. There is basically no job in the United States that cares if you have a high school diploma or GED other than government jobs. They are repeating this process with College right now. The College Diploma is now the new High School Diploma, and pretty soon jobs are gonna want Masters or Doctorates for entry level.
This is a bad belief, they don't (or won't) understand that they are ruining and devaluing a thing by their actions and beliefs.