When I finished my bachelor's degree, I was one very few not to do a master's because, as they said, everyone has a bachelor's, you need to do a master's to stand out. Fast fowarward a few years after that and my friend was doing a PhD because everyone has a master's these days, she said, you need a PhD to stand out.
Don't know what the issue is in the USA, in the UK I think New Labour shoulder a lot of the blame.
Regardless, there is always value in study and everyone who wants to pursue it should. We just need to not be pushing people to go to university regardless of whether they want to ir not.
I don't understand how anyone in the US can afford to go to university; we had riots when they increased the fees to £3,000 a year.