I think the number of people graduating with a collage degree significantly outstrips the demand for collage degrees. Otherwise you would not see people with collage degrees working retail etc.
Then you take a software job that's available but not interesting, and you get pidgeonholed into that field. It's not retail but it doesn't seem great for EEs who didn't go to a top-10 school. I'd be very interested to hear any other EE grad's perspective though.
College is selling you the promise of an opportunity to join the club. You pay an application fee, and then you may or may not get into the club. If you don't get in, they keep your application fee, and you have student loans and a degree but no viable networking.