It's the law of unintended consequences. Political people saw how much better off the college educated were way back when and decided that "everyone should go to college". What they did not understand was that scarcity of college grads and the socioeconomic signaling it provided were the true source of better life. The now "everyone is college educated" are no better off because of the signaling and scarcity has been lost.

It's deeply connected to socialist ideals to have everyone go to college. If people are upset that everyone going to college don't get to be ahead of everyone, then what they're really mad at is socialism, not college.