For almost all of history, higher education has been a luxury good for the rich, including the Greek city states. There have been a few exceptions, most notably European countries with tax funded schools, but even those are primarily pumping out degrees used for chasing jobs.
What we got instead was a regression to aristocracy, where critical social resources of all kinds were enclosed and captured by capital and financialisation.
The result is a lot of very broken systems, education being just one.
Universities became primarily about administration of property and income, and the educational element has become a form of marketing to attract money (and bodies) so the rest could function.
And now we're on the edge of the next stage, which isn't "What is education for?" but "What are humans for?"
We used to know. Or at least we used to believe we knew.
Now we don't any more.
Many people are going to college primarily to make more money in their adult life, the actual learning is secondary. If you're already well-off or just don't care, you can still get the education for its own sake.
The issue is that we've created a perverse incentive to get a college degree.
PS: I get all the idealistic mulling about how universities should be these utopian centers for the voluntary knowledge study and collaboration and the only result should be merit based. But real world doesn't work like that. If a country wants to have professional chemists or say welders for example, it must force kids through a lot of boring and hard mandatory study for years. Humanity didn't invent anything better yet, sorry.