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Yes yes, signaling theory.
But as a society we gotta find a better way to signal competence and work ethic
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100% agree, I just hate that the signal is literally any bullshit degree that you can think of. Obviously there are highly specialized jobs where a degree matters, but a bachelor's degree to be an executive assistant seems insane.
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I think there's a real issue with what jobs "require" degrees. It's really my same gripe with "no child left behind" in USA. When everyone is practically guaranteed to get a high school diploma, then how do you tell which student has work ethic and which basically just showed up? When everyone is special, no one is.