I kind of agree with you, except that no one outside of a few small colleges offers a ‘quality liberal arts’ education. It is possible to find self-educated folks though.
Almost all LA grads these days are simply brainwashed leftists or worn-out cynics, not to mention barely literate by any historical standard.
The fact that such grads become managers just means that American business as a whole is non-competitive.
The riff raff can become managers. The exceptional become executives / owners.