> It is a transaction.

That is a purely rational take, but people are seldom rational. My pet theory is that inertia is a huge reason why people choose college. Majority of people who go to college do it as a continuation of 10-12 years of continuous schooling (or partying). As they climb educational or social hierarchies they are constantly reminded that college is a next step. Thus going to college feels far more familiar and less scary than joining the workforce. Thus, going to college is a default choice for many.

After the gut decision is made it can be wrapped into whatever rational argument.