The reason there is such a large premium for on-campus education versus online universities is because on-campus education is an experience as much as it is a service. If you're only interested in mastering the content, then online learning may be the place for you. That's why we see so many people pursuing online courses for their master's degrees and when they return to school later in life. They just want the cont…
I think you stumbled onto a big truth, though: college kids have by and large zero "real world" experience outside of contrived scenarios posed by their teachers/coaches, so college classes can often devolve into the Chinese Room thought experiment with students memorizing the lookup table without having any concrete idea of what they are talking about, based on lack of experience. (When I realized that this was also true for a significant number of the faculty and almost all of the administration–people whose only cultural experience is within academia,–I started treating my time in college more honestly.) I think a better system would be one in which people actually do gain some experience before attending college. It would be much more efficient (working for free as an intern or apprentice seems preferable to paying several tens to hundreds of kilobux to maximize learning during free time).