That we have dumbed down the requirements for high school graduation so that this doesn’t mean much anymore. The employers need something to show who stands out and now that has to be a college degree. If we could graduate people from high school that were truly educated, then the employers would feel that it meant more. College would be for developing the skills needed for a particular profession rather than for developing a general educated mind.
But, I think that it’s too late for that. When we set a goal of increasing the number of high school graduates, they lowered the standards to get that diploma. Any efforts to increase those standards will be met with resistance. IMHO, we ought to provide certificates of completion for those that cannot meet the academic standards.