> […] its value as a signaling mechanism, which is where the majority of modern education's value lies in the first place.

I’m not sure education is a very high-resolution or effective signal for much, and I think its dilution as a signal would help force us to find a better one. I’m curious though, given how self-assured you seem: what do you think education signals right now?

Education signals that you are "better" than those with worse education. Smarter, harder working, etc.

We need to create better options for students. We can do this by refocusing education on learning practical skills for real world jobs rather than maintaining an educational system built upon a foundation over 1000 years old that up until 100 or so years ago was intended for the elites and scholars, not the average person looking for a job.

That would not be "better", that would be myopic: Practical skills are only a part of what an education is or can be; information and skills which are not practical are still quite significant for us and for society at large; practicality changes over time; and the determination of what is and isn't practical is itself quite contentious.

A lot of our education - practical or otherwise - may be useless fluff, or even ideologically biased. But that's mostly not because of the chosen discipline.