My line manager's thesis is that if that wasn't an option then the powers that be would make sure that education is better as the state of it would affect them and their children. I'm not saying he's right, but it's reasonable logic
Maccy
Mine is in Computer Science and it definitely made a difference for me. I wanted to get into IT and I don't think I'd have got a foot in the door without a degree.
Actually most of the people I worked with in the more technical part of my career didn't have a Computer Science degree, but STEM subjects were common.
I don't think my degree actually prepared me that well for my job, but it got me in the door.
I agree that too many people go now. When I was young University was for the "bright kids". Now it seems to have just become the thing to do. Which I think is bad anyway, but particularly when as you say too many kids do degrees which don't actually get them anywhere and leave them saddled with a large amount of debt before they've really got going in life.
My advice to kids these days is to think carefully about their options after school. If their degree is going to a career then fine. If not then just get out there and start working, do something more vocational.