College was the first time in my life when I feel like I truly took responsibility for myself, and people generally thought I was a responsible kid growing up. I finally found myself in a place where I could make friends who shared interests with me who I truly wanted to interact with, and many of those friendships evolved into mentors or mentees. TAing, challenging classwork, and living for the first time on my own really forced me to mature and take charge of my future.
Of course, I could just be a late bloomer, or maybe my STEM interests and particular rural community made my situation unique. But I don't think I'm the only one in my generation who feels this way.
I agree that college is probably not appropriate for your average kid, but for the kind of kids who enjoy learning, who aspire to do something challenging for a career, I think higher learning is indispensable. It's important to keep in mind that college is meant to enrich people as individuals, not explicitly prepare them for jobs. Technical/vocational schools are for job prep.