You don't pay for instruction or certification you pay for signaling. A student from Arizona State can be more competent than one from Harvard. Who do you think is going to have more doors opened for them?
> A student from Arizona State can be more competent than one from Harvard.
The relevant question from the perspective of those doing the hiring is what is the probability a student from Arizona State is more competent than one from Harvard?
Replace competent with well connected and/or otherwise useful.
While you are right, the question still stands. There is no value in the latter two. The only value is in the first, and that's not what you're paying for, so why pay at all?
Which in turn have massively devalued, given the majority of the job market in most Western countries is only interested in the unicorn willing to eat old bread.
