Most CS grads will end up in a position that has more in common with being an electrician or plumber than an electrical engineer, difference is that we can't really automate installing wires and pipes to same degree we have automated service integration and making api calls.
Really the problem is there are too many CS grads. There should be a software engineering degree.
They lack academic knowledge but understand the problem domain and tools, and are generally more teachable with lower salary expectations.
I would like to see more "trade schools" and its one of my pet peeves when devs call themselves engineers despite not being a licensed or regulated in any meaningful way.
By your definition running a welding company is also exploitive?