"The purpose of a college degree is NOT a job"
Check the marketing literature for any college and you will find that is not true.
The only people doing degrees for knowledge and prestige are the filthy rich and while they may make up a significant percentage of students at the top 5 schools, they make up a tiny percentage of all college students.
The last point is where I end up aswell though and I think no matter how you look at it colleges are doing a disservice to young people and taxpayers pushing worthless degrees backed by government loans that they (the colleges) don't have to worry about repaying.