I think there is an element of truth to this.
Ludicrous government grandstanding (wanting 50% of the population to go to university) combined with the lack of high quality apprenticeships has probably led to many young people feeling pressured to go to university. Even if it clearly isn't the right place for them (be that academically or otherwise), there seems to be somewhat of a stigma associated with not going - if everyone else is going, then why aren't you?
However, I disagree with the notion that degrees are "worthless". Many careers now have a glass ceiling put in place, where a lack of a degree will instantly discount you. People used to work their way up from the shop floor to become managers; that doesn't happen anymore unless you have a degree (generally speaking anyway). There are still countless professions that require degrees in the sciences and in finance, amongst other vocations such as law and the civil service. To make a blanket statement, that degrees are worthless, just doesn't reflect the reality of the graduate economy.
What instead needs to be looked at is why certain groups of graduates are struggling, rather than telling people not to go to uni. Degree subject is one factor - highly unconventional subjects, or the myriad of "events management" courses are likely to leave graduates struggling to convince an employer of the weight of their degree. Even traditional subjects such as history have few direct career options for the average graduate. And as much as TSR loves STEM, it is a lack of skilled STEM graduates that is an issue - Computer Science for instance has the highest unemployment rate of all degrees, largely due to a lack of programming proficiency among its graduates (or so I've been told at least.)
But there are other factors too - students who lack work experience are highly unlikely to find graduate employment these days, no matter how in demand their subject is. Graduates with little interesting to say in an interview (such as involvement with a society or an extra-curricular) are also likely to struggle to break into professional jobs. And yes, in some sectors, the university studied at will be a big factor - there are thousands of students studying law at institutions where they are highly unlikely to find the type of work they envisaged themselves in prior to starting their course.
In a nutshell, degrees aren't worthless, but I do agree that there's a very large chunk of students being railroaded into going to university when there should be better options available for them.