Of course you're right. But college is like anything else, you pays your money and your chance.
College isn't a vocational school. They don't exist to insure employment. On the other hand, a college education is now the minimum for any kind of white collar, inside sitting down job.
I would wager that two years of apprenticeship - actually doing something - would go farther in the marketplace than these specious four-year degrees (excepting of course hard sciences, math, engineering).
Even worse, many people go for Masters and Ph.Ds and end up in their mid-30s never having held a job in their lives, and finding that there are so many others just like them that the competition for the few jobs for which they may be qualified is among the most intense in the market. These people are essentially unemployable, unfit for even menial labor because they have never developed the most basic of work ethics.
One of the saddest people I know is a 36-year-old Art History Ph.D. candidate. She has no future whatsoever other than sucking the teat of her daddy's fortune until she is old and grey - not even marriageable since no man would want to acquire a wife who has done nothing substantial for anyone else in her entire life and is nearing the end of her childbearing years anyway.