That is true, but you cannot say that this will lead to the same situation as in the US. The apprenticeship system is well established and it it just not feasible for everyone to take the time and money to study. Apprenticeships are payed. I just cannot see a baker with a M.Sc. :)

To add to that: This trend only shows that people do not want to do low-pay hands-on jobs anymore. It does not mean that universities compete with apprenticeships. Although this certainly causes the rise of bullshit study programs.