I think there are benefits to degrees outside of those vocational courses directly applicable to the field a person intends to work in.
I read English Literature, effectively because I like the subject, had a great time at uni, met some wonderful people and, whilst the degree is in no way applicable to what I'm doing now, it has set me in good stead for my current career.
I don't think most people have a firm idea of who they are and who they want to be at the age of 18, that's part of the problem, the most I knew is that I wanted to keep learning and furthering my education, still do. Looking back part of the reason I was attracted to English Lit is the critical thinking and analysis it requires, a skill that enables a person to, in the work place, think more strategically. Whilst the start of my career was a case of going for anyone who would take me (graduated just as the world economy imploded), my career progression has always drawn me towards more analytical, developmental and strategic roles, which my degree probably helped lay the bedrock for.
I agree that the proliferation of degree courses may be harmful, it's difficult graduating as I did and finding that the graduate positions you were sold when signing up simply don't exist in sufficient numbers, but it's wrong to say that degree education doesn't offer tertiary benefits outside of directly applicable vocational skills and knowledge.