I feel like most of the people on this site who think that the university system is obsolete and who think that college is overrated don't understand how privileged their perspective is. If you grew up middle class and came from a family where most people went to college, or even just a family where going to college wasn't looked down upon, then yeah, there are a lot of other paths that could work out just as well for you, from traveling to starting a company to self-learning to joining the military. Whatever. But severely underprivileged kids don't skip college because of their other options and because they think it's not the best way to learn. They skip it because the idea of college is foreign to the point of being laughable. Because bettering oneself hasn't been taught. Because education isn't valued. Sadly, for some people in these subcultures, higher education is not only ignored, but viewed with suspicion or even scorn.
The entire trajectory of these kids lives will be changed forever because they earned the right to go to college. The mere fact that the education system in this country enables that means that we're still doing something right.