I believe a lot of folks would say he/she wasted a lot of money and time. This is especially true if they graduated with a ton of debt. They may have a co-worker or boss who dropped out of school
The reality is life has few "guarantees" and it is rarely fair.
People for the most part are playing the averages and keeping their fingers crossed that the investment they made in time and money going to college will pay off in the (long) run.
Right now it's not uncommon to see young college grads waiting on tables in Chili's and living with their parents.
The cold reality is having a degree (alone) is not going to "part the Red Sea" for anyone. One has to major in something that is in demand, attended a "respected school", be ambitious, determined, and persistent. They must also know how to network/socialize with people who can help them climb the corporate ladder. People skills tend to supplant book skills.
Some folks have been known to major in a subject for which their personality is not a good fit. I know of someone with a law degree who has never practiced law in her life! She works in an insurance company sitting in a cubicle next to co-workers of which several have no degree. They're all making $80k or more.
Any career that involves selling is also likely to have top producers who never set foot on a college campus. There are also lots of careers they pay for one's expertise and experience.
Edward Snowden the guy who leaked information concerning the NSA was making over six figures as a "system administrator" and he didn't have a college degree. He passed the GED test and enrolled in Master's Online course even though he didn't have a B.S. degree but never completed the curriculum.
Some of the world's most famous entrepreneurs were college drop outs: Bill Gates, Ted Turner, Larry Ellison, Michael Dell, Steve Jobs, Mark Zuckerberg, and Richard Branson are a few billionaires without degrees. Life's not fair!
On paper we would expect no high school or college drop out to earn more than anyone who has a degree or advanced degree! However one doesn't need to have a degree to start a business. Degrees are primarily for those who want to work for an entrepreneur.
It use to be having a degree commanded respect from most people. Today it's hardly worth mentioning outside of an interview/resume.