The reality is that, 50 years ago, when only the smartest people attented colleges, a college degree used to be a proxy for aptitude (a combination of intelligence and willingness to work hard). It didn't matter that much what you studied, just having that college diploma meant that you're smart enough to be able to contribute in a non-trivial manner in any company, and will likely be heading for a managerial position a couple years in. Whereas now, with a huge percentage of population going into higher ed, the diploma means that you're within 60th percentile or somewhere around that, which is not what companies need.
Unfortunately, many young people and their parents didn't understand this dynamic of watering down and still believe that the degree opens a path to a better life, while the truth is, most people are just not talented enough to be employed into demanding and well-paying office positions that most of us here work in. The Universities are silently running a scam, taking advantage of the obliviousness of young people and their parents by selling them a way to waste 4 years of their lives in exchange for a lifetime of debt... It sounds really horrible. At least here in Europe education is free so you "only" spend 4 years doing things that won't help you in life later.
Luckily, the stories of people who graduated only to sell shoes or coffee are now prevalent enough to make the next generation more aware of the real value (or lack of thereof) of a degree in something non-commercial from an average university. In my family, I now see younger people more often deciding that higher ed is not for them and going straight into trades.