One of my professors made a point about college: it's not about getting a job or not, but rather, being a button-pusher or understanding what you're doing. It's way too easy to become a "button-pusher". I am 100% confident that I could successfully perform a relatively complex cardiac surgery on a patient with about 2-3 weeks of training and some good staff. "Cut here, tie that together, done".
The thing is, there is a HUGE difference between what I described and actually understanding what one is doing, in the deepest meaning of that word. That's what you go to college for: to pass on that deep knowledge. You don't go to college to "get a job".
So the problem really is with employers: why do they insist on a college degree when they could ask for a technical school diploma, or whatever. There's nothing wrong with college per se, IMO, as I think you'll agree.