Interesting discussion
I went to University in 1981
AABC
Maths at Manchester
At that time about 10% of the population went to University
University was for academic study
The alternative was a Polytechnic
The degrees tended to be of a vocational nature
The entry requirements were lower
They increased the proportion of people studying post18
To me this seemed like a reasonable plan
As, Bs, and Cs would take you further on an academic path
Cs, Ds, and Es would take you further on a less academic path but enabled a different way into the workplace ... this was vital given the massive increase in technical employment at the time
Then the institutions merged and all became universities ... I never really understood why since each type had a genuine purpose and all that really happened was they both became universities but with 2 (now more I think) clear tiers
So ... re the OPs suggestion ... I disagree as I think that "university" now covers a very wide range of study environments and a degree covers a wide range of qualification types
Additional Point ... As a teacher (of Maths) I would not advise anyone going on to study a Maths degree to even think about it if they were going to achieve less than an A at A level ... but I teach people who are going into a very wide range of courses and institutions ... a C or a D will show that they have continued Maths and have some knowledge beyond the limits of GCSE if there is some maths in the degree at least they are not out of touch with the style of thinking