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I wouldn’t say that University education is worthless as much as I would say that some degree paths graduate far too many people. Essentially, there may be 10 post-graduate positions for further study in this field, 25 post-graduate positions for study in another related field, 65 positions in industry on a typical year, the University allows 600 students to enrol in the field in their first year and 300 of those students graduate with a degree.

More practical fields like Engineering and Computer science tend not to have this happen as much, and the worst fields for this seem to be those that act as feeders to law (Basically the Humanities and Social Sciences) and medicine (Primarily Biology and Chemistry).