As a college educator, I basically agree. But what I can't avoid pointing out that the system is currently set up for exactly the opposite: "open admission" community colleges where everyone with a high school diploma is guaranteed admission, and state financial aid that covers the entire bill (well, allegedly -- most don't complete the program in 2 years, but no one informs them of that until "sunk cost" settles in). See Tennessee moving in that direction this week (link).
The political pressure is to show everyone getting college degrees. The economic incentive on the schools is of course, moire students are more funding. The long-term result seems to be degrading the requirements and expectations (down to the pre-existing depressing high school level). The vast majority of people in community colleges are helpless at 7th-grade algebra (and, I'm pretty sure after graduation).
So it seems like an enormous waste of resources. But I guess the US is so overwhelmingly wealthy we can do this and not really notice. The momentum is certainly driving further in that direction.