I don't have a problem with people being given the opportunity to attend university, whatever their qualifications may have been at the time of entry. Employers know what they want; they know what the best universities in the country are and they also know the relative worth of 2:1 from Durham and a first from UWS.
If people want to read Carpet Studies, let them. I don't see the point but that's not for me to decide. Many of the degrees taught at universities (even the elite) aren't particularly arming you for work either, classical studies and humanities certainly broaden your mind but how these skills transfer to the work place is highly debatable. Universities are about more than just allowing people to apply for "graduate" jobs, they are about learning for the sake of learning. If you have a passion and you wish to follow it then you should be able to do so, whether that should be at the taxpayer's expense I don't know.
If you're worried about your degrees worth then you need to reconsider why you're going to university in the first place. Some degrees won't make you more employable and it shouldn't be expected that they should. If you want employability then pick a field with a high employment rate e.g. medicine, engineering or anything vocational.