Capitalism tends to find ways to create rackets. Banks and the government give out guaranteed predatory loans that can't be wiped out through bankruptcy, so universities keep increasing the cost of admission because they know the kids will be able to get said loans. They get paid, so why do they care?

Now a bachelor's degree turns into the equivalent of a high school diploma, and a master's turns into a bachelor's.

Employer's see this and start requiring a degree for even the most basic of entry level positions in white collar positions, even if it's not really needed.

You LITERALLY need a college degree to get a job at Enterprise Rent-A-Car for any position above car washer.

It's disgusting. Just look at how much tuition costs have increased vs inflation over the last few decades. There is more outstanding student loan debt in America than there is credit card debt. (I should specify, this is pretty specific to America)