Of course it’s still rare. There’s only one Harvard, and only so many students they accept.

But if everyone graduates and gets a honors degree, the only thing that degree means is that you were able to get in (either through skill or money).

I’m sure it still has value. But it places all the value at the entrance and selection process instead of the teaching.

Pretty much. Some argue a lot of higher-education is merely signaling. So you can't say it's worthless, only that the value is different than is publicly discussed/assumed.

This is an interesting interview about it: http://www.econtalk.org/bryan-caplan-on-the-case-against-edu...

90% of Harvard students graduate with honors.

https://www.quora.com/Is-Harvard-the-only-university-where-9...