That's true, but then we have to flip that and say, "why would the college offer these majors if there's no future in them and they lower the college's job placement rate?". The answer is that the college calculated that offering those majors will allow them to make more money than the lowered job placement rate will cost them.

Remove the money from that equation, and suddenly the college's impetus to teach crazy ridiculous bullshit majors is removed. Suddenly we have a situation where a larger proportion of the population can more evenly pursue higher education, and a situation in which that higher education is more meaningful and viable- made to teach people, rather than to get money.