Two parts: First, I think the ability to DO THINGS is the great equalizer at this point. Being a do-er lifts you out of poverty (or at least out of poverty's worst resting state). Being a do-er expands your network. Being a do-er prolongs your life (people with jobs/daily activities tend to live longer healthier lives). The best part about this is that technology has made it easier to become a do-er. You don't need a…
I agree with your second point that we have over-fitted education to optimize standardized test scores to the determent of encouraging intelligence. But at least from my personal network developed from growing up in a working-class town and eventually living in extremely wealthy neighborhoods in extremely wealthy cities I have not noticed a strong relationship between "the ability to DO THINGS" and someone's social o…
This is painting a bit too broadly - a degree still shows that you can jump through pointless hoops which is valuable to employers and some degrees are valuable in and off themselves because they gate professions that are necessary for society (medicine/engineering). I’d also point out that colleges historically ignored large pools of candidates from certain demographics for political reasons. I suppose there is probably some learning that manages to happen once in a while too, which is worth something if not the cost to society of fueling the higher ed apparatus.