Personally I think this is a direct consequence of western society placing an unrealistic value on tertiary education. Once upon a time, it wasn't seen as a necessary step in education except for specific academic-orientated subjects and things such as lawyering, doctoring, engineering, and so forth.
The overwhelming majority who didn't go to university weren't seen as inferior in any way.
Then something shifted. I don't know how it happened, or why, but over time the view became that tertiary education was vitally important, and soon it was accepted as a matter of course that you had to go. Suddenly a whole vast population of students left high school and went straight into university, not because they wanted to or because their chosen field or work required it, but because it was expected of everyone.
These people, who didn't belong at university and didn't really want to be there, needed subjects to interest them, so you get a change in the sort of courses made available. One tertiary institute here now offers, I've noticed, a THREE YEAR full degree course for the job of... wait for it...
Flight Attendant
WTF?
Now these people come out with worthless degrees and can't find work because they haven't picked up useful employable skills they traditionally would have acquired from leaving school and going into an apprenticeship system.
Meanwhile the influx of students has devalued a degree severely so that those who really did need to do tertiary study find their hard effort and careful study was basically a waste of time.
And all the while there's no one going out of school any more and taking up a trade because if you haven't been to university you're some sort of social pariah retard. Some polytechs offer courses in these technical trades but formal education was never the best place to learn that sort of skill and as such they're coming out with worthless pieces of paper because they don't really know what they're doing. As a result the traditional work for those non-university types is suffering a severe manpower shortage; plumbers, electricians, builders, and so forth.
New Zealand, as example, has only about one thousand master plumbers serving a population of four million! And most of those plumbers are either very close to or actually over retirement age. (A couple of years back my parents had to get a plumber in to do a gas fitting. He was over 70 and working on Christmas Eve (had a full day's work booked) and told my parents he wanted to retire, but his work were so desperate to retain him due to lack of replacement that they basically just increased his fee until he couldn't say no).