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University attendance at these levels are also part of the Baby Boom. Prior to that, most people got by with a high school diploma. Bachelors were for the wealthy, a Masters put you at the highest levels of professionals, and a doctorate was something you did towards the end of your career in order to record all of the information and experience you gathered during your career. Now, some entry level positions REQUIRE a doctorate and the average person with a Bachelors earns what someone with a high school diploma earned in the 1970s.
The university was never intended to serve the masses.
You are confusing origins with utility. Fraternities are believed to have been started as a way to keep students from too much partying and drinking, that has no relationship whatsoever with what they are now for example.
Just because higher education wasn't useful to most people in the freaken 1700s says nothing about today. If you want to decrease the wealth gap the best means is higher taxes and banning share buybacks not making everyone less educated in faith that the free market will correct.