But there are other more important (imho) values.
First, it is an excellent opportunity for personal worth. Socially: change of social group, freedom to explore, independence without much responsibility. Intellectually: mastering an advanced topic, in a program less directed than previous education, geared toward people with some demonstrated skill/affinity, meaning more depth. Also, no teacher or parent asking for grades, meaning more responsibility over own learning and organization.
It's a time for exploration. As it's said in classical AI, too much exploitation and not enough exploration means suboptimal solutions.
But also, higher education provides a resource for society. People with niche knowledge, expertise in a variety of topics, means a society is more resilient to disruption, and also more likely to innovate.
University is also a place for intellectuality and individuality, values very important to sustain a democracy, since democracy's main enemy is the inside enemy, in the form of ignorance and gullibilty.
Of course, to me all this means higher education is mostly a public service and therefore should be mostly taxpayer funded, but again, I'm from Europe :)