The purpose of the college degree is to provide insurance against economic change. Learn a trade, and you're good as long as that trade is valued (and not outsourced). College is supposed to provide general-purpose skills that guarantee residence in, at least, the middle class.

That's no longer true, because college degrees have been overproduced and there's a shortage of people who (a) can actually do things and (b) want to do them.

The real problem, though, is that society doesn't train people up in the trades (and help them relocate) when their jobs go away. They're just discarded, and the fear of that happening is what keeps middle-class people going into college-- which is designed to insure against the ups-and-downs of specific trades (e.g. plumbing). Widespread college is a partial solution that is now clearly failing.