That is the aspirational purpose, not the functional purpose. Universities have long advertised job placement rates for the majors in their departments- I recall a lawsuit against a university I was going to by alumni with the allegation that the numbers were artificially padded to the point of false marketing (I don't recall the outcome, though).

Even if we were to accept the premise that universities exist to feed society with educated people, we should then question the value of the education students are getting, given the significant grade inflation over the last 20 or so years.