Places with state-paid or state-assisted university programs tend to have a sieve mechanism (like entrance exams) that sort people into programs of different cost (and life outcomes). E.g. a test determines if you enter vocational school or a university program.
In the US, there is still a test-score aspect of things, but if you pay for it, generally, we let you do whatever you like. That's good, in its own way. Some people are tremendously motivated folks who are bad at taking tests. They ought to be free to choose a difficult path and rise to the occasion.
The problem in the US is the state involvement in financial aid. The policy of "college for everyone" may not make Americans smarter so much as it makes college dumber.
If the state has any interest at all in funding college educations (and this is debatable), presumably, that funding should go to people with insufficient means, better than average motivation and/or talent, and only in subjects for which there is a compelling state interest (I'm looking at you, STEM).
Furthermore, such financing needs to be contingent on them NOT taking a job on wallstreet when they are done. The public already funds those bozos enough; there's no reason to use federal scholarship money as a 4 year long interview for some wallstreet firm. Wallstreet can start doing its own talent recruiting. If those guys are as good as they tell their clients, it should be no problem for them to predict the "winners" and only offer private scholarships accordingly..
What also doesn't make sense is that the government allows anyone with a pulse to borrow 30k/year to go to school for 6 years and maybe get a communications degree.
This is simply not in the public interest, nor is it in the interest of the students, nor is it in the interest of the higher-ed system.
I absolutely agree that there is an education bubble. I think certain people should attend university in certain situations. I went to a small state school with an academic scholarship. I make the same amount of money as people who went to much more expensive places -- without scholarships.
I think University was valuable in my case -- but it was much cheaper back then, and my field has much higher salaries than average.