Agreed, however, with hindsight, I'd still have taken one. Got a degree in Electrical Engineering, looked for over a year for a EE job and no one would take me without any formal experience. Any kind of an internship would have made that transition easier.
So instead, I went into computers and that's paid my bills for the last 20-ish years. I guess I can't complain.
Instead of interning, I worked college summers as a Convention Coordinator. Ultimately, that was more valuable than an internship, I think, because it taught me how to deal with people.
But, at the time and after being told for four years... "Yeah, you'll graduate. No problems finding work. Engineers make a ton of money, too!" .... no work was a little hard to swallow.