College seems to have ~3 uses from students' perspectives:
1. A trade school for technical professionals who actually need specialist education (scientists, engineers, lawyers, doctors, etc.)
2. A finishing school for the elite
3. A blood sports arena for the brilliant to complete for professorships (almost all of whom will lose and be saddled with 6 figures of debt and 7 figures of opportunity cost)
A lot of people have been tricked into going to general education and liberal arts college programs (the finishing school parts) without the money to pay in full under the guise of "becoming a lifelong learner" or something, and this completely cripples them in the future when they could otherwise have had great careers in fields that don't truly need the education you get from a college.
It's good that students are turning away now. The market is correcting itself.