Education is following as similar course. Things like MITs open courseware, edX, etc. are making it increasingly easy to get the educational content from top teachers regardless of how limited these teachers are.
(Having access to an education is not the same as actually getting a degree, and getting a degree isn't always the same as getting an education.)
But there has probably never been a time in history where more people had free or inexpensive access to the top educational content in the world.
I see where you are coming from on access to labs, chemicals, and equipment. But someone who has fully availed themselves of everything they can learn from free/inexpensive online classes, books, forums, emailing people, etc. is headed on a path where they have a high probability of getting access to those types of things once that is the only thing blocking their continued education.
Not suggesting that, and it's wrong anyways: the point here is that we, as a society, want people to have a basic floor of an education by the time they reach adulthood. Not necessarily MIT, but not nothing either, and the track I was on for a bit in my childhood was closer to "nothing" than it was to "decent", and it was certainly way off course if I were to shoot for MIT.
For the students that never left that track… I cannot imagine that school did much, if anything, to produce a citizen with a high-school education.