We want to delude ourselves that everybody has the capability to be a doctor, programmer, engineer, successful business owner etc. We ban employees from using IQ tests, when SAT scores correlate strongly with IQ. Then the best companies hire from the best universities where the best students with the highest SAT go i.e. they just hire the highest IQ people in each year slot.
To fund this delusion we would then have to make university available to everybody, as if a degree is in a vacuum a token of value and not the fact that a degree is relatively scarce. A degree when everybody has one isn't worth as much as when only 50% of people have one.
And of course the law of supply/demand makes degrees more expensive when everybody has one, but makes the degrees less useful economically when everybody has one. Double-dipped.