Just a few decades ago one could very easily land a great job right out of college. College degrees helped people stand out from their peers. Having that formal education really meant something.
A college degree was affirmation that a person had the necessary skills and mindset to be a productive and competent employee.
Because only a small percentage of the overall workforce held college degrees in years past, this made having a college degree a ticket to wealth and prosperity. That was then. Today things are very different.