In the US, the unemployment rates are currently:
High School Dropout: ~15%
High School Diploma: ~10%
College Degree: <5%
There are correlations between lifetime earnings, ability to get a job, and other things that favor getting a college degree.
I do agree that degrees aren't necessary to do a job competently. I think that most of the things that people get college degrees for are a waste of time. When I worked at Target for example, all of the managers were college grads. Why did they need to go to college for that? They were primarily baby sitters for high school kids.
You'd have to completely reform the university system to do anything about it, though. Universities, with their endowments and presidents with CEO salaries aren't going to cooperate though. MBAs are stupid, pointless degrees but for whatever reason have value. A BA in communication will get you a retail managerial job - without it, the company is going to jerk you around more and make it harder to advance, even if you are better at your job than someone with a degree.
I think a good starting point would be that if you can get the degree from the University of Phoenix online, then that degree program is useless and should be eliminated everywhere.