Keep in mind that 20 years ago the population of people with four-year was smaller.
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This. People with/without degrees are not a "segment of the population," comparable from one generation to another. College got more common.
What actually happened is that more people from less wealthy backgrounds went to college.
Think of all of the time and dollars wasted on unnecessary college educations because employers required it (even the most junior role requiring a 4 year degree to check the box) but wages are still stagnant or sliding back.
For employers the situation is great, more supply and cheaper salaries. The strategy of asking for college education worked.