What a difference a couple of decades makes. When I did my first degree (early 90s) only a small handful attended a university (around 16%) and it was seem as a passport to a successful life (and career). Much has changed since then, many more go, and the job prospects have changed. My thinking on this is still the same, and it is what I now pass on to my children.
I still think that the main reasons to go to university is to explore a subject that you love in depth, to develop as a person and do some growing up. To me it isn't just about training for a career, it is about developing a capacity to live. There are many ways to train for a career, most are cheaper and quicker than a degree e.g. if you are set upon becoming an accountant then going straight into professional exams is a good choice for some. If you want to develop as a person and an academic than take a degree first. I don't think that you should choose your subject based on employability, but on what you love. I do think that the real problem is that many people use university as an expensive way of growing up (only) and also that some people go to university would just aren't capable of benefiting from the experience at this stage in their life (doesn't mean that they couldn't go later). University used to be for the top achievers, this isn't the case now, and I believe that this is the problem. I have done some lecturing at a college that awards degrees that from a RG university. I found it hard to believe that this material (2nd year degree) was of such a poor standard - it reminded me of lower sixth A level work.
If we want to change degrees, specifically the academic standards and participation rates, then we shouldn't be surprised that some people emerge at a disadvantage into the job market. To change this would be very hard as we'd have to go back and change school qualifications e.g. I was talking to a neighbour's 15 year old son and he told me that in GCSE English they watch more Shakespeare than they read.
I know that some institutions have some subjects that are of a high standards, and others that are not so respected. The problem is that it is hard to know which ones. Also the grade inflation and dumbing down at GCSE and A level has made it very hard to distinguish with these qualifications.
Good luck to anyone hitting the graduate job market these days.