Three points:
1. Degrees are used as a filtering criteria. Originally getting a degree itself was hard and so a good filter. Now getting a degree isn’t hard but getting one from a top university is. So a degree from a reputable university is useful but otherwise no.
2. Reputable universities are sufficiently academic. You go to university to learn to think. Of course someone may say that you can do online courses blah2 but it’s really difficult to get a group of people together to explore, exchange ideas, do projects together, etc. It’s also a time to explore and try new things, which can be difficult if you go straight into the workforce.
3. The problem arises when someone is not academic. In this case they shouldn’t be doing a degree at all, but rather start work or do some professional qualification that will enable them to find a job. E.g for my subject a degree from a top university has a variety of modules. A degree from a lower ranked university contains mostly the same content as the professional exams. It’s not to say that the former is harder. But university exam questions are tricky and require true understanding and original thought. Professional exams have more content but more structured. If you just want to get a job university wastes your time.
4.At the end of the day uni is academic and should be seen as such- not something everyone can have. If you are not it’s ok. I have equal respect for both a plumber and a professor.
5. Another perspective as mentioned is that uni gives you time to explore if you don’t know what you want to do...