To a large extent corporations not only are OK with this, but encourage more of it with ever increasing degree requirements!
An unstructured, pure-vocational model of post-high-school education would be cheaper in money and lifespans. It may arrive. The present system is unsustainable.
But there are factors keeping it in place for the moment. One significant factor is that employers are barred by law from general IQ testing. Higher education can be viewed as a vast and expensive indirect proxy for such testing.