I did make an exception for certain subjects. And no, I went to a good college and I enjoyed the experience. Some of which, such as working with 600 MHz NMR spectrometers and the whole plethora of chemistry laboratory equipment, is very much not the sort of thing one can learn at home. However, such degrees are not the norm. I also studied mathematics, and though many of my professors were quite excellent I have little doubt that motivated self-study with the appropriate books would have produced an equally valuable education in the subject. And that's probably the case for the average course of study. Computer Science? English? Foreign languages? Linguistics? Astronomy? Art? History? Economics? Environmental science? Psychology? These are things that are well within the grasp of self-study, especially today.

"I have little doubt that motivated self-study with the appropriate books would have produced an equally valuable education in the subject"

Much easier said than done. The course plan, deadlines, and grade that are parts of a university course force motivation that often does not exist in self-study. In my case, I've only engaged in "motivated self-study", when I have been very motivated to solve a narrow problem and my studying was similarly narrow.

As I said, pretty much anyone with the motivation to see their own education through is probably just going to go to a cheap college and get a degree as well, since the cost floor on a degree is pretty low for most people in, say, the US. However, I suspect that the advent of ebooks and educational software is going to radically change the landscape. To the degree where people 40 years from now will look at the higher education system we have today and think it is utterly preposterous and primitive.