It depends-
Some people go to college to ‘find themselves’, or just because that’s what they are supposed to do.
Others go to learn specific technical skills. For the latter, it can be an excellent investment. I know people who went to college of EE, petroleum engineering, accounting -all are doing fine.
We notice that some people who went to college without a desire to learn come away from college not having learned much. But, I don't permit that to influence my view of the college. I know that if a student enjoys learning and wants to learn, he/she will learn much in college.
Everyone is different. Anyone who spends four years in college and then blames the college because they didn't learn anything just doesn't know much about themselves or why they didn't learn anything.