I'd argue the value of college has been steadily declining ever since we tried to push more and more people through it. When it's a filter it's a good signal, when it's a participation trophy far less so.
A bachelor's now is a high school diploma of 70 years ago. It doesn't tell you much and it delays your earning potential four years, and saddles you with debt.
College doesn’t prepare you for work as effectively as work, but it also teaches interesting things and prepares for academia (graduate school).