Is there societal value in art and the humanities at all? If not, why do we produce anything except engineers and financiers? That seems like a bigger cultural question that society needs to answer over decades, rather than saying to an individual student, "Haha! You picked the wrong major. Now you're fucked for life. Too bad."
Most college kids going into school have no idea what they're going to be doing in the future. There aren't really standard systems in place to help guide them. Even a basic lifetime ROI analysis by major isn't something you encounter organically through the school system, and whether you're lucky enough to have done that sort of evaluation before choosing a path just totally depends on the circumstances of your upbringing or internet browsing.
Our higher-ed system was inherited from Old World elites, and there's probably a case to be made that it's not as relevant to the modern workforce or society anymore, but that's not a very fair thing to pin on any individual degree or student.
Morally, if we've decided that the humanities have any intrinsic worth at all, it stands to reason that we should be feeding the people who practice the humanities. And unless we want them all to be slave-artists, maybe even pay them a livable wage. Maybe the moral failing here is our lack of funding for the arts, or our lack of appropriate valuation at least. Especially in a create-one, share-unlimited-times digital economy of production.
Economically, what societal value is there in an indentured class of artists not making art? Does society really get more value out of painters flipping burgers while their loan sharks muck around in spreadsheets making more money?
Personally... as a tax-paying dev, I would be happy to pay a little more tax if it means people who chose a different path in life got to eat, sleep under a solid roof, and create beautiful things. I don't want to live in a ruthless, hypercapitalist society where human worth is reduced to dollars and bankers determine our destinies.