(1) Your sentiment is common on HN and I do agree that a college degree is overemphasized as a universal panacea, but it's also absolutely true that lots of people benefit from a university education. Comments like yours make it sound like every individual student would be better off if they skipped college. I don't think that's true.
(2) Going to college is like joining a gym. Some people go to the gym every day, seek out the in-house trainers for free tips, study fitness YouTube videos in their spare time, maybe even make a ton of friends at the gym. Other people pay the same monthly fee but can never seem to find the time to actually go to the gym yet they find plenty of time to play video games and eat junk food. My point is that you can't blame the gym if you don't get in shape. Students have to actively participate in the process if they are going to get the most out of it and unfortunately many do not. I don't think that's entirely the responsibility of the college.
So either you're not from the States or you were well funded in your own educational pursuits. Both are fine this, is not a personal attack.
It is not hard to find evidence that American university is outrageously expensive. And for what is the average result? You learned the theory/basics of X subject? Or you met cool people and had a good time?
I think we're getting to the point that it is not worth it for a common job and certainly not for a common job in tech.
(Not arguing medicine or advanced science/engineering degrees!)
Even in the crudest measure, lifetime earnings, going to college still looks pretty good. Getting a tech job in the first place is much easier if you have a degree. This is not to deny that some have managed without it and have done very well, but they walked a harder road to get there.
(2) Going to college is like joining a gym. Some people go to the gym every day, seek out the in-house trainers for free tips, study fitness YouTube videos in their spare time, maybe even make a ton of friends at the gym. Other people pay the same monthly fee but can never seem to find the time to actually go to the gym yet they find plenty of time to play video games and eat junk food. My point is that you can't blame the gym if you don't get in shape. Students have to actively participate in the process if they are going to get the most out of it and unfortunately many do not. I don't think that's entirely the responsibility of the college.