There are many fields where a formal education is quite important (e.g. Legal, Medical, etc.)

But there's many more where the requirement to have a degree seems counter intuitive. Universities were about expanding and democratising learning and seeking new knowledge and understanding. I never understood why people leave university expecting a job out of it - it may have worked for the previous generation because few had degrees but I doubt it works now.

Hopefully, in the near future, students will be enrolling in universities because they want to learn - not because they feel its their only ticket to a decent job.