N=1 anecdata, I'm 26, net worth of ~$10M, barely finished high school. Avoided University on purpose because spending 4 years not working in tech seemed really expensive opportunity cost wise. Was the right choice. Can't be a doctor without going to college, but you can get rich.
Congrats! And you are right. You don't get rich by going the beaten path. If your grandfather could hope to reliably get kinda wealthy by going to college, it doesn't mean you do. More: it means you CAN'T, because too many people 'know' they 'can', if even their grandfathers knew. Money is where no one is looking for it.
I don't even understand why is there any confusion about it. College is a competitive tool. With share of people with a degree rising from 4% to 33% (and fewer than 33% have ANY net worth), how can it be otherwise? Having a college degree 60 years ago meant being a member of the elite. Now it means nothing. Except a pile of debt.