[1] - https://en.wikipedia.org/wiki/Richard_Theodore_Greener
I understand that this idea is not necessarily appealing to elitists and to people who only consider education in terms of the economic benefits it might provide.
Rather than argue I'm quite curious of your take on something. Imagine we have a hypothetical individual - Bob. Bob comes from a single parent and poor family. He's the first of his family to attend college. Bob, like most kids doesn't really like school at all. But he eeks by. And he graduates. Having no clue what to do with his life, he decides to whimsically apply for Whatever U, where he's accepted.
Once in he looks for the easiest major - and settles on psychology. Made even easier after noticing all the cute girls in Psych 301. Bob squeezes by mostly using pickaprof, ratemyprofessor, and so on sites to just find the easiest profs who pretty much hand out 4.0s for just showing up. So naturally he ends up a solid 3.0 student. Finally he graduates.
From my perspective, he's now in pretty much the same situation as he was 4 years ago, except now he has 6 figures of debt and a sheet of paper. How would you say Bob has benefited from higher education, in concrete ways? Would you expect his life to be better or worse relative to him just deciding to e.g. pick up an electrician apprenticeship out of high school?
Nevertheless, the overall demands in higher education have increased tremendously and the courses have also become more focused. In most disciplines, what formerly would have counted as a Ph.D. Thesis is nowadays at M.A. level. I've been in committees for hiring postdocs and Ph.D. students in the humanities, and it's insane what kind of demands are put on the students. I know some center of excellence in my discipline that (unofficially) requires one publication in a good international journal to be taken into consideration as a Ph.D. student. The majority of postdocs who apply for a one year grant nowadays have CVs that would almost certainly have made them assistant professors 30 years ago. There are also more courses and more subjects to learn because progress in science has accelerated very rapidly. For example, someone who studies CS nowadays will learn proofs in complexity theory that used to be cutting edge research 40 years ago.
Overall, I don't buy your negative claims. Over-achievers can quickly finish their undergraduate studies and will move on. At most universities it is possible to cram your curriculum and exams and pass "easy" undergraduate courses very quickly. Lack of elitism is an imaginary problem, probably often made up for political reasons. If you want to see real problems, look at the high student fees, accompanying debt, and the resulting desire to focus on practical job skills and overly fast-paced studies. These are detrimental to science, of course.