I think of college the way I think of a first house. It is expensive. For some, it can be worth it and a good investment. For others, it can fail to build value. The market changes, and it's value is tied in many ways to that.
Meanwhile, it was an expense, and can easily outpace what you earn, making it difficult or impossible to pay off. Unlike a house, there are not built in protections to prevent someone from taking massive loans against the purchase. Like a house, you can find moderately priced options that may be more suitable. What house or degree you pursue should fit your future plans (will your family grow? does this college prepare me for the career I want?).
Is a house for everyone? No. For a lot of people renting makes way more sense. Same for college. Perhaps a trade school or homemaker is the best match. It is not a one sized all answer, but unfortunately we've made it seem so to high school students, as more of a status symbol than a path to an education and career. Same for the status of owning your own (first) home.
Sadly, many families go into deep debt in the process, to support sending a kid off to college, or to similarly to support their purchase of a home.