This is precisely the same reality we have here in Portugal! If you don't attend University it's mainly because your parents are poor. But the irony is that students that attend Technical/Professional Courses have the same (if not higher!) levels of employment. And they even get a job within the first year after studies! Whereas we have a huge amount of people with degrees and still waiting for a job. I had "rich parents" that forced me to go to University but if it wasn't for the practical post-graduate course I did after I would also be unemployed. But I don't think this reality will change as soon as you claim, people in Portugal (and for the portuguese out here please correct me if I'm worng!) will continue having this "status" type of mind for many many years! Here it's really important to be called "Dr.", doctor, or to be seen as one.
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The only reason people will change their mind is when the whole thing collapses under its own weight. The reason will be financial rather than intellectual.
Yes, that's true. But things only seem to get worse :/ It will take a lot of years until the whole "graduate studies" structure collapses... I fear for our today's children. Will they keep paying to have a piece of paper that worths nothing?! Maybe I just have a dark view of the future :)