The process is a scam.
The end result is not.
I went through it. The process was absolutely designed to keep me there as long as possible, spending as much money as possible. I had to jump through ridiculous hoops that had nothing to do with my education. Parking was awful. There weren't enough seats in some of my classes and I had to sit on the floor with a few others (not joking).
But at the end you get your degree and that opens doors to more cushy, high paying jobs. I have friends that are doing fine monetarily without the degree, but they're working a lot harder for it.
Does the college route need major reform? Abso-fucking-lutely. Does it still put you ahead? Sure does.