As someone who was TAing not too long ago, I agree with this to an extent. Colleges have had to keep dumbing down curriculums to get enough students to pass. I was personally astounded at the writing abilities of juniors and seniors, it was like 5th grade level writing. And we kept having to shove them through.

More and more the college degree just shows that you can navigate a beurocracy and could pay for it.

I think this is according to plan though. The rich want to make college financially inaccessible to the masses because they know their dumb ass spoiled kids wouldn’t stand a chance if they actually had to compete against the brightest for a spot.