I am with you on this one. In EU we recently even changed tuition program to have more people with degrees because somebody noticed folk with university diplomas make more profits. So the change was simple - many two years programs were changed into three or even four years programs with only dividing one major subject into or three minors, few essays were added to the exams and in general the same stuff was learned in more school hours.
It doesn't necessary mean degree is worthless, but unfortunately it doesn't guarantee anything and as I have already noticed it is mainly useful in so called civil service jobs where the payment is largely determined by officially achieved education, not efficiency. Even there things are changing.