The majority of higher education especially in social science has little practical value outside academia/research. I am in favor of having good researchers in all areas, but the majority of people (fortunately) still leave the university behind. Those skills that you pick up on your way (e.g. writing, researching, organizational stuff) could be taught way more efficiently. Sure, if you are becoming a lawyer, doctor or chemist, university makes a lot of sense. For many jobs university adds very little and an extra year on the job training would be 1000x more useful.
Many people just study for the sake of it, because they don´t know what else to do. That’s fine with me, but why should other people pay for that?
If you want to improve your “general intelligence”, you probably should study math and languages, not history, economics, psychology, arts or sociology/social studies. That would be actually a quite interesting debate to have, because it could influence what we teach children in primary schools.
In general I agree that we need better educated people (due to technological change), but the current university model isn´t the only way to achieve that, because for many careers it is horrendously inefficient. A degree shouldn´t be the be-all-end-all in most professions (again, I am not questioning the usefulness of university education for specialists, who really use their learned knowledge in their job). We´d need a much more flexible approach after finishing your high school education, but universities, the states and businesses are not doing a particularly good job to change the institutions of learning. Due to path-dependency we are still stuck with 18th/19th/20th century institutions.
Currently everyone expects you to have a degree (or be able to build up something on your own) and you are handicapped without it (=> you earn less), but that makes no sense at all. The idea that a teacher needs a university degree is mental. The same applies for many jobs.
We should teach kids in the last years of high school/secondary school a set of practical skills (e.g. how to write a business plan; how to organize; how to educate yourself) and after that we should aspire a much more flexible approach that combines university, work and different forms of learning.
That would increase social mobility in a way that state-sponsored universities will never be able to.