When I was in undergrad, I had a bunch of conversations with my friends about just why we were in college. It all came down to three things:
1. We wanted to show potential employers that we were smart enough to get into an elite private college.
2. We wanted to show potential employers that we were docile and persistent enough to continue attending said elite private college, even though we had accomplished #1.
3. We wanted to get to know lots of other people who were willing to pay $40K/year for the privilege of #1 and #2.
Of course, once you get out in the working world and actually get involved in hiring decisions, you quickly learn that there's not that much difference in the quality of education at various universities. Harvard's classroom instruction is not much better than any other top-tier college, and may actually be worse. MIT's is probably better, but it's nothing that a couple of guys from UVA (ahem, Reddit) can't pick up in their spare time.
Instead, you look at the Education section on a resume because people have already done the hard work for you. Someone at Harvard painstakingly went through 18 years of that candidate's life and decided that they were good enough for Harvard. I've got code to write: I don't have time to spend digging through a candidate's background. If it's good enough for Harvard, it's good enough for me.
So, the business idea I came up with was a simple certification program. We'd look at all your test scores, administer a few additional tests, have you complete a project or two, talk to previous people you've worked with, and generally decide if you're worthy or not. We'd set the bar high enough that the average Harvard or MIT grad would fail. And if you pass, we give you a college degree - all without having to put up with the bullshit aspects, like going to classes or forking over a couple hundred dollars. You're responsible for your own education, we just say whether you've educated yourself.
I wonder if I should've put this down under "other ideas" on my yCombinator app.