People still believe in the power of a degree, but it's getting too expensive and making inequality and inequity worse.
I agree that in the past 20 years or so the college degree began to equal a high school degree as far as career options go. But college is supposed to offer so much more, like a real introduction to all parts of of human knowledge. Unfortunately, as BA and BS degrees became more career focused, the general education requirements have been phased out in many, many places. Also something that bothers me, as someone who has been part of the higher ed community: faculty at community colleges are paid much less than faculty at four-year colleges. They also have a much heavier course load. It's a screwy reflection of how teaching is not as valued as much in our higher ed system as research by profs that bring in $$$ and creds. It becomes part of a crazy cycle because colleges are so greatly in need of $$$.