The situation reminds me of what my teachers used to tell me. "Learning how to look up things in a book will be a skill you'll need all your live and you won't carry a calculator with you at all times when you are grown up." Both assumptions were proven wrong before I was even out of school.
If the only remaining value of education is "to become a well rounded person" then why waste your time on it? It used to be you went to university because that was the only place to get knowledge from. Which is also why it was dominated by the rich and powerful. These days university feels a lot like paper money. Everyone just pretends it has a real value and because everyone agrees, that's where the value comes from.