That's what I gather. Colleges in the US have always been a bit of a gatekeeper. If its too easily accessible to students (e.g. lower costs, distance learning, ability to work while attending, etc), then the signal is weaker since more people finish college. It's kind of like an expensive bar charging a lot for drinks. The high price ensures a certain clientele.

I think that ties in to the proliferation of higher degrees, where college is not a strong enough signal so students go on to receive higher degrees that signal more time, money and investment has been spent

Which unfortunately means the most productive and creative years of their lives are spent piddling about in libraries. Woohoo.