This is a debate that has rolled on for many years. In the 80s, and even further back, going to University was the reserve of the brilliant minds and the rich. People who could either afford to go to uni off the backs of their families or were brilliant enough that the university itself would eat the cost of that student’s education to boost their numbers and rankings. Everyone else would go to work and earn real world experience in businesses and industries; combining that with the those higher minds has led to wonderful businesses.
Then something changed; everyone went to uni. So much so that there are now hundreds of universities in the UK alone. There is a shift happening again, though, companies are struggling as they look to employ from graduate pools. These are kids with very little work experience; just degrees. They are now demanding that these potential employees have experience, rather than credentials.