As far as I've read, more education is good for anyone who can afford it. (Even at its inflated prices, a college degree remains a good investment for most.)
It seems to me the real problem is that most people who'd do just as well with a smaller university education are paying 5x as much for a big/name school education. Which, for those taking on debt, is hardly optimal. And their willingness to do this is what drives the prestige/price bubble.
So, really, the correctable social prejudice is not breaking "everyone should go to college" [1], it's breaking "small school education is inferior to big/name school education". [2]
[1] Though that could certainly stand a weakening and reformation to "most people should do post-high school education", with a heavy dose of de-stigmatization for trade schools, community college and the like.
[2] That prejudice is undoubtedly true of a minority of places and programs, but rarely; and extremely so in the case of undergrad programs.