I agree with pretty much everything you said. I will just make a cultural parenthesis on that last sentence.
In the USA, degrees are expensive, the only reason they are not for everyone. It limits the supply of degrees and make them more valuable.
In other parts of the world, mostly thinking of western Europe here, higher education is free or affordable. Degrees are much more common and of higher level, while the job market is pretty bad. It's really shooting oneself in the foot not to get one.