The college system serves three purposes: (1) Education, (2) Credentialing, (3) Networking.
The weight between these fluctuates over time, and increasingly there are better & cheaper resources for (1) outside the traditional classroom setting.
Actually, it's main purpose is to provide a socially-acceptable way for young people to not devote their time to productive work. Some of these people use the time this makes available to them to learn wonderful things.
The weight between these fluctuates over time, and increasingly there are better & cheaper resources for (1) outside the traditional classroom setting.