I have three liberal arts degrees and think your criticism is completely valid. People shouldn't go into debt for liberal arts degrees. If you're good enough you'll get a full ride; if not, you're only being admitted as slave labor to fill lower division teaching slots[1].

Unfortunately, most people who pursue liberal arts degrees aren't interested in "technical" subjects. And when you get down to brass tacks, what someone is capable of is largely a function of what interests them.

1. Not to knock teaching. It was one of my favorite parts of grad school.