Things has really changed unlike before when a graduate is coming out from the university their are job opportunities around the corners, people don't even stress themselves to acquire skills as an alternative just in case they don't get a job. Getting a job as a graduate some years back was a thing never to argue about or think about. In this recent time things have really changed, expecting so much from the government as a graduate can lead people into serious problems. The life we live now is so unpredictable, no one can be sure of practicing their desired career from what they have learnt in school.
I think if people really want to be happy in life, expecially undergraduates and young graduate they should learn not to give all expectations of having living job from the government. If people create the mindset of being creative and productive in this era they will live a more happy life than putting all expectations of getting a dream job from the government. A productive mindset is what young people needs to make life easy and worth living.
First of all, I want to say that I agree with the narrative you said. However, the educational process will not be eliminated, because it is one of the gateway options for pursuing formal education. As for why today's higher education graduates are not very productive in carrying out their work, try re-evaluating the education system in countries that do not teach children to earn money but focus more on teaching them how to become obedient employees. If the education system is not changed, 70-80% of graduates will end up unemployed. Meanwhile, for those who are truly successful, starting from studying in elementary school, middle school and graduating from tertiary institutions and then finding a suitable job so that they are productive, it means that the educational process they have undertaken is truly correct. It all depends on your mentality, whether you are ready to change your mindset or continue to maintain ignorance.
In today's digital era, any material can be found with one touch, there is no reason to be unproductive. Many are self-taught and successful in their fields so they are able to create jobs. In other words, don't depend and wait for government programs. Creativity, mentality and courage to fight from the bottom. Unfortunately, this is not motivation but rather an idea that in my opinion the education system needs to be improved first.