In my opinion, education falls into one of two buckets: either you espouse to the Social Security mentality in which someone else is "solving the problem" or you are proactively engaged in "solving the problem" for yourself. It's unfortunate that at a societal level the evaluation of an individual's of education operates out of a black box not dissimilar to the evaluation of an individual's credit score. The solution isn't necessarily to make it easier to validate input/output from the black box. Rather, we can employ other methodologies for validating individual aptitude.
The question is fundamentally about hiring. It is true that the process of studying and obtaining a degree from specific institutions for specific fields has a measurable, objective, and positive outcome for a limited number of students; however, this is by far the edge case. With limited exceptions, doctors, lawyers and politicians climb into careers without formal training and nationally accepted stamps of approval on degrees. But this is the edge. In reality, there is very little business value in even including a degree criteria for job positioning/hiring. It deters those who are qualified but do not hold a degree, and it does nothing to guarantee even a low bar for the work ethic, aptitude or drive of the applicant.
Nothing matters more than the answers to these questions: "What do you know?", "How long have you known it?" and "How have you employed that knowledge?". While Stanford's experiment is great, it is no better than than the Khan Academy or any other resource which disseminates knowledge--and the output is the same: the individual's who devote themselves to the task of learning will derive benefit, but that outcome is wholly unquantifiable to employers evaluating applicants.