Colleges and universities are doing their job just fine. People who know what they want to be when they grow up will seek out a university that has an appropriate college program. For the rest of, those that just want a degree, almost any university degree will do. Colleges are doing a find job of making that available to anyone that may be interested.
I believe that every college or university offers the appropriate amount of higher education however, I do not believe that the kids are taking full advantage. These institutions need to crack down on the fraternity part of the college experience and regulate it. Too often, kids will get too wrapped up in that life instead of taking full advantage of the academics! As the old saying goes, you can lead the horse to water, but you can't make him drink!