Pointless higher education.

I think it was in 1988 when, as Head of Careers in a large comprehensive, I gave a young lady called Helen some assistance to get a job in the Midland Bank. She had 5 'O' Level passes.
I recently spoke to a senior banker who confirmed that this job now requires a degree. We both agreed that other than the need for a few more IT skills, the two jobs remain virtually the same.
Just what is the point of over-educating people? Is it just an attempt to shorten the period of time they are available in the world of work?
There is a massive downside. A person with a degree has the expectation that this will 'buy' them career progress. They have taken two years doing 'A' Levels and three years or more working on a degree so can we be surprised by this? A large proportion are going to be hugely disappointed.
Not only has the victim lost some five years of earning potential, they are probably saddled with major debts - all to permit them to do a job that was well served by 'O' Level entrants.
There are tens of thousands of Media Studies (or EASY) degrees which are socially worthless and not even useful for getting work in the media where expertise in a subject is more important. Psychology and Marxist Studies - sorry - I mean Sociology, have minimal value - certainly in the numbers which they are turned out.
This is just SO unfair to our young people. It is self evident that somebody who struggles to get into the top 40% cannot possibly be doing work of the same quality as the 5% were doing 40 years ago.
Too many lecturers are stating to me that they are having to teach work which had formerly been completed on 'A' Level Papers. So easily proved.
Shoe-horning young people into university causes standards to plummet dangerously. It is very difficult to find positives in a fine education system which has now been utterly debased.
Today, you need to stay on even longer to do a Masters or Phd in order to achieve an equality of standard! This is probably where the top 5% can now be found!