Goodhart's Law.
> or did not have a few "side projects" under their belt
IME: end-of-course projects at places like MIT and Carneige Mellon are often much more impressive than the CRUD web app or copy-pasta Jupyter notebooks I tend to see from e.g. coding bootcamps or especially self-taught applicants. And students usually have a half dozen or more of those, in addition to internship projects.
Sometimes a self-taught person comes along with a genuinely impressive project, and I push hard to hire those folks. But for the most part it's silly little single-person-project web apps and such.
> The internet is the most effective information distribution delivery and it's much cheaper, no wonder the value of college is in question.
The questioning only really has a loud voice in places like the USA with horrendously expensive higher ed systems. I don't really hear a lot of griping about the cost of education or opining on internet alternatives when I'm in Munich or Vienna.