College is a product subsidized by government and predatory lenders. Of course it's value is declining, and it's cost increasing. And the number of worthless degrees has increased exponentially.
That being said, some programs are definitely worth it, but it is usually in the hard sciences, engineering, medicine, etc. And even in those areas, the quality of education in a given specialty varies dramatically based upon the school. Some schools give out degrees that are next to useless, even if it is in a hard science.
For example, you want your doctor to have a degree from a good school, and experience on top of that. Same with a lot of other professions.
But people who take out massive debt for worthless degrees have been suckered. Scammed.