In general, universities remain the hope for every parent for their child's education and success. In developing countries, in particular, a bachelor's degree remains the primary requirement for job applications in both government agencies and private companies. Furthermore, let's look at key professions in the world, such as medicine and education. They must first study at university and earn a professional degree. Even if they are academically competent, they still can't find work without a degree.
So, in my opinion, universities and degrees remain trusted and maintain their relevance. Even though I have a degree, that degree is useless in the workplace. A degree is just a degree, a diploma is just a piece of paper.
I think university and degrees are actually more necessary to convince the society that you have go through a certain set of rules. It is more a demonstration of discipline and patience, rather than a demonstration of knowledge. In reality, degrees are not directly used in many jobs but still people have not been taken seriously without a degree. In my opinion a degree does not ensure competence but it is like a social ticket. Having the ticket it is easy to get in but how far you go inside is totally up to you.
