Viewed in that light, you can see why so many people are very, very upset by all this. Politicians, the media, their parents, their friends have all told them "get a degree or you'll be a [metaphorical] fry cook" and now it's "get a degree if you want to be able to even get a job as a fry cook." Rephrased, it's "a bachelor's degree is the new high school diploma", and so it becomes about the fact that you got the degree at all that matters. If you don't, there are 199 people (who have the same (lack of) experience you do), but do have the degree. Theirs goes in the "scan again to filter for some other reason" pile, yours goes in the trash.
As far as the the ones who racked up debt AND didn't finish: they've got the worst of both worlds.
Forget about majors, forget about "putting in dues", and start thinking about a country and society (I'm talking about the US here) that tells you that you MUST go to college in order to get a job, forces you into debt to do so (not everyone is grant material - the recent stats say 90% of grads take on debt) and then tells you there aren't enough jobs for everyone (for the well known reasons, but I'd put automation at the top of the list these days. Recent stats say 3+ people are available for work for each job opening) and you'll understand why these people are mortified.
It's also clear where all this leads, to the dismay of many: a guaranteed income society. We'll be forced to accept that many, perhaps even MOST people will not be needed for work. There will be nothing for them to do, and nothing we can do about it. The people that do work will be the robot designers, maintainers, politicians, managers, personal service people, and some miscellaneous workers. Everyone else will be part of a "sports, arts, and leisure" society. That might be 50-100 years out, but it's coming, and no one should have any illusions about what that means. Our conception of our societies as defined by work will need to change, and we'll need to accept that people who do not work are not lazy, ne'er do wells or parasites, but that they are the result of the transition to post-work (and hopefully post-scarcity) societies. The calls for bringing back factory jobs, re-empowering unions, etc. are short-sighted and misguided; there's no turning back the tide, and we should adjust our thinking accordingly.
Finally, it should be clear that many right here on this site, and those that they work with are the ones helping to create this new world. An automated one, an easier one, and hopefully, a better one.