I don't know about others, but for me university was an important experience as a place where I could grow as a person. It's a time where you get a few years to figure it all out before you spend the next 45 years working. Even if I could've done a 1 year course and then jumped straight into working full time, I wouldn't want to do that, and I don't think people should necessarily do that. There's more to life than getting a good qualification and getting a job that pays well.
I earn more than practically everybody in my friend group, yet I'm no happier than they are. I'm not more fulfilled in my life because I have a piece of paper that says I'm good with computers.