I think That sentiment is a big part of the problem right there. College isn't a checkbox, it's a tool to increase the value you can provide to others and yourself. Any credential is, at its core, just a proxy for expected value. If you give higher regard to the credential than the expected value, you're likely to have a bad time.
The shift from tenured to adjunct positions in academia doesn't have anything to do with the quality of applicants. The shift in tech from salaried employees to contractors (offshored or not) has nothing to do with the pool of qualified applicants. Lower pay for positions that create the same value are not the fault of the worker.
When these sorts of issues become structural there are far fewer options for individuals to pursue. Whatever path they choose, their chances of success is less.