In order to rethink Bachelor Degrees, one must first rethink high school. It is routine in the US to see schools where 1) <=5% of the student body is proficient in math; but also 2) the school has a 90% graduation rate.
If that's high school, then it's useless, both as a signal, but also just because, you know, nobody is learning anything. You pretty much have to have some other place for smart people to demonstrate that they're smart.