While I generally agree with your points, as a 28-year-old who still lives at home, despite a well-paying job, there are some reasons for all this.
First off, a fairly high percentage of kids going to college are just throwing their money away to begin with. How many kids are going to college now who have no business going? How many graduate without being able to think or analyze anything? They graduate with a diploma that means next to nothing, and yet, they're either in tons of debt, or mom and dad paid for it all and, in any case, there's little to be had from it. The value of a degree has gone down, and the price has skyrocketed. And, more so than ever, kids are told right from their freshman year of high school, that they need to go to college. This topic has been discussed endlessly here, and I don't want to rehash it more than is necessary to prove a point, but it's a big part of the problem that exists today with an entire generation.
Though I'm living at home, I'm more than able to cover my living expenses. I choose to do so, because as much as I want to move out, it would take quite a while to save up for a house between paying rent, utilities, and said student loans. I made some very foolish choices straight out of high school, and I'll be paying for my degree for a number of years, when it has proven entirely unnecessary in my line of work (IT systems engineering/administration). They're my own mistakes, and no one else's, but tons of people keep making these mistakes because of societal expectations and job "requirements" that are hardly requirements. And then they're surprised when they can't find a "real" job. The kids carry a good portion of the blame, but they can't carry all of it.
Want to be a doctor or lawyer? OK, go to college? Want to cure cancer? Go to college. Want to fix the horribly deficient infrastructure throughout the country? Go to college (but don't expect to find a job, since there's no funding for this). Want to party for 4 years and live at home for the rest of your life? Don't bother going to college, you can do that without a diploma. The distinction needs to be accepted by employers, but I doubt it ever will again.
For the record, since I'm sure the natural inference people will make is that I'm knocking the business majors, the humanities majors, etc., I'm not. Necessarily. I think they're well worth studying, and we're all well served by doing so, but going to college to do it just for the sake of having a degree is rather pointless. Also for the record, I graduated with a "BS" in business, and not once has it proven relevant on the job. Lastly, and again for the record, I am a bit bitter about it. :-)