I think lots of it is due to bad biased advice. True story, on my first day of college, at the convocation, the university president told his true story about how he decided to stay at university for an extra year "to study the classics" and what an amazing decision this was for him. He encouraged everyone to seek erudition.

I wonder how many students accepted that as fact. Because it is indeed a great strategy if you are wealthy and have a social-network safety net waiting to bail you out with a nice job after graduation. But for working class students like myself, it is horrible advice. I couldn't have graduated a moment too soon, I need to help my mom with rent, pay loans, etc.

You have wealthy "successful" academics and others giving advice that is noble but unrealistic and downright harmful in some cases.