All great frauds need a semblance of truth. The best frauds create a myth so powerful people are compelled to agree with it and not even critically examine it.
Take education today. Who can argue that education isn't beneficial under the right circumstances? Take smart, dedicated students with a drive to learn something useful and improve their lives, and it looks like the only thing an enlightened society should do. Take hard working, talented teachers who lift those students to bigger and better things, and society benefits. A great principle or administrator is a treasure.
But let's examine the reality. In the Dallas Independent School District, for instance, entire "high schools" produce less than 2% college ready students, yet the community doesn't want a single person fired - they want more "resources" to "combat the underlying causes" which essentially means more patronage jobs. Because a college degree is considered the goal of every parent, every two bit wanna be college (such as Cougar High, aka The University of Houston) not only pops up to fill a non existent "need" but they pay people to study reasons why they need to grow and grow and grow, until you have tens of thousands of "scholars" going to essentially self sustaining palaces of PR and BS, and geared towards receiving as much assistance from the community and government as possible.
Some people need a specialized area of study and research. Medical Doctors come to mind, so do researchers into public health, economists, maybe even a few lawyers.
But do we really need every asshole in every stupid, boring, repetitive and barely meaningful job out there with a college degree? I mean, do you really need a college degree to be a half-assed salesman of cars or tractors? Does the manager of McD's need much beyond training at Hamburger University?
The college industry is mostly just another government employment project.
It seems like most of the tech innovators, like Bill Gates and Steve Jobs, dropped out of college, anyway.