When admission to college was competitive for those from under-priviledged households, “college” proxied either a good upbringing and preparation for college and/or exceptional aptitude and demonstrated ability.
Now that admission to college means nothing, “college” means nothing.
However, specific programs of education - e.g., heavy in mathematics, science, engineering - continue to mean something. The real hit has been to the humanities.
Unfortunately, the humanities are dead. They killed themselves. They used to represent a well-rounded education, in touch with "the best that has been thought and said" in Western Civilization. The Bible, Homer, Dante, Shakespeare, and the history of how civilization was built and what it means. The best general background and moral and intellectual training, the best general preparation, before specializing in a job.
Now there isn't any great literature or western history. It's all about white guilt, colonization, slavery, and gender bending. The brainwashing has overwhelmed everything else.
True, but even that is changing with the spread of online science and math courses. And that's because cheating is so very easy when taking online courses.
I happened to be visiting a friend of mine while she was taking an online biology final exam. Except that she wasn't answering any of the questions herself. A biologist friend of hers who was also visiting was answering all the questions.