Why not? Why do you despite self made men and women who educated themselves?
What's the point of paying thousands of dollars for an education when you can learn the same things by simply going to the library and reading books? When you can experiment for yourself? Or when you can apprentice yourself to a master to learn that way much cheaper?
Nothing stops people from pursuing knowledge in your nebulous paradigm. I think that that should be encouraged, particularly where people are acquiring information which has little or no real application.
Where formal higher education shines, is that it tailors info to the demands of industry, and focuses students on the problems which society needs solved. further, a formal degree is a certification, not only that you've been subjected to the information which the degree entails, but that you were able to achieve a rigorous, structured, objectively measured tranche of study requiring discipline and self-motivation.
building a lab, acquiring controlled chemicals, and conducting unguided, solitary experimentation and study was not a pragmatic option for me, as i'd find most engineers would conclude. some things just wouldn't work out without formal ed.
there's an extent to which some of the libarts degrees which were popularized in the last decade or two were just created to accommodate students who would otherwise dilute the quality of students enrolled in universities' more prestigious programs without flatly turning away paying customers. thats my dry opinion of what drove an insurgence of hyper-specialty libarts and socsci fields. some people dont want to have a highly applicable degree. some go to college for tradition, love of knowledge, social,
athletic, confidence or boredom sake, and these fields often appeal to these folks.
univeristies are businesses and have made some decisions to accommodate a bubble which the internet, home-study, and a shitty job market have deflated. like any business, they'll change their roll for the next 20 years, as needed.