And a degree has never guaranteed a high paying job.
All a college degree has ever done is:
a) open some doors that would otherwise be closed
b) increase probable pay potential after a period of time (typically 8-10 years after graduation)
These things are often still true though possibly less than they used to be in some fields.
The main driver of the "need" for a college education is the desire to not do manual labor or even skilled trades in the US and a contributing factor is that the US economy is no longer based on production but instead the movement of money(value) from one virtual account to another.
A skilled tradesman can get work after vocational high school or a two year vocational program and have a head start on the college students.
Initial earnings will often be greater than the college grads for a number of years but tends to slow down and cap earlier and lower than the degree holders.
All that said, some college grads do walk into high pay right out of college and some college dropouts make it rich.
Some high school dropouts make it rich.
But here is a fact for you: the trades are more secure employment, as long as you are willing to WORK and can meet basic competency levels.
If you don't want to work or are not competent - just go get an MBA.