The most successful and competent people who I have ever worked with don't share much in the way of education, but they all feel some sort of passion and drive for what they do. They see potential in their work and think about it all the time, so they are good at it and they have a lot of useful insights.
"Education" shouldn't be a simple signal that you have enough diligence and financial werewithal to consistently show up in the same place over the course of 4 years. It should be a lifelong process of both asking and informing people what they are capable of.
Personally, I think the all-or-nothing approach of primary school->secondary school->career->grave is a huge waste of people. I think we just need to figure out how to provide adults with the time and safety to uproot their lives for a couple of years at a time.
And it can be gained independent of college and independent of educating oneself for a career as well. It is easy for someone going to college to get both a degree in something that will allow them financial freedom in the future and to learn all sorts of topics that employers would not care about.
Value means utility in ones life. The experience of college adds numerous examples of utility to a generic students life beyond a future job.
I can't speak for all of Europe, but Germany avoids having university degrees becoming a mere piece of paper useful only for signaling by having alternate paths to a fulfilling career.
You can easily enroll in any university you like, but can't advance in that major if held back in the rather difficult weed-out classes.
If I had to give a single root cause, it would be how we vote (the US system leads to a far stronger polarized two party system than Europe has).
The result was that literaly thousands of bullshit private universities were created not to educate you, but to help you avoid military. This also created additional income source for university professors, who earn pretty shitty salary in Poland.
Now, obligatory military service was abolished few years ago, but the trend of everyone going to college after high school remained.
I was born and lived in an "university town", and I remember military recruiters in my town were absolutely expecting that everyone's going to university, and they defaulted to giving people the status of "not suitable for service during peace time" for any reason whatsoever. I heard that in smaller towns, on the other hand, it was much more difficult to avoid getting pushed into service.
I don't know how prevalent this is in Europe.
But it's a general economic fact that people don't value what they get for free. They need to have "skin in the game", so to speak.
If you want evidence, look at how people treat rental cars vs their own. Or how they treat those ride share bikes. Or how they treat public bathrooms. Etc.
I personally treat rental cars, bikes and public bathrooms the same as anyone else. I don’t trash them but don’t clean them meticulously. I still value their presence.
Once a group I was in was staying in a hotel. We were all heading out to dinner, and one person came out of her room, leaving the light on. I asked why she didn't turn out the light. She replied: "why should I? I'm not paying the electric bill."
Apparently that's pretty common, as most hotel rooms I stay in these days require you to insert your room key into a device that enables turning on the lights, so they turned off when you leave.
They understand empathy and the concept of a carbon footprint, but don't consider them when it comes to decision making. In my experience, it is as if it isn't a variable in the equation.
High school was populated by people "doing their time", who wanted to get by doing as little as possible, thought it was cool to be disruptive, cut classes, etc. They definitely dragged the whole thing down for the others.
College was different. People paid to be there, the work was hard, people wanted to be there and would take the hard classes to get their money's worth. There weren't any disruptive students.
What a difference.
I studied in a university in a country where you have a dual-track system - either you get in for free, but have to pass a far more rigorous exam (since you're competing against everybody else who is trying to get in for free), or you pay and get your spot. The people who paid their way in - or rather, whose parents paid their way in - tended to do that "doing their time" thing you described. The people who were studying for free were far more determined to make all the efforts that they had to put into passing the entry exam worthwhile.
My shoes started lasting several times longer. I was still a child.
My dad didn't think of this himself. The Army had the same problem with combat boots, and solved it by having the GIs pay for their boots.
Note, that OP isn't suggesting that the educational process be centralized. Just the funding. Unlike K-12 public schools, universities will still maintain full autonomy on how they want to go about teaching or structuring curriculum.
European countries offer free education, and their quality is still great.
The key piece of this is that should any universal college education legislation pass, it needs to be designed in such a way that we don't make the focus of college be the same as high school where the goal is to make sure everyone can pass. And in turn, include a very rigorous minimum education standard in order for an institution to provide government funded education.
This is assuming the actual standards for a degree aren't lowered to achieve the goal of universal college education. That's why I bring up high school diplomas where the standards to graduate were lowered to increase the percentage of people with a degree. The end result was damage done to the degree and to the education that is needed for the degree. See the modern day nightmare of standardized testing preparation instead of education.
In this case, the investor(s) could look at the potential value/income for the person going in. If you want to focus on an area that has limited job prospects and low salary, then you're unlikely to get funding.
If we offered free college, how long before we start dropping the standards to earn a degree (for the same reasons we did so with high school diplomas) and have students waste even more of their lives in extremely sub par education environments?