The degree is only part of the value proposition of a college, though. The actual education you get (not just the paper proving it), the meaningful experiences you have, the social connections you forge, and the opportunities you encounter in the environment are all hugely important.

I went to college and dropped out, so the value of my non-existent degree is literally zero. But I got a ton of value out of my time there. I met a lot of friends, grew significantly as a person, and found a job opportunity that started me on my career path.

I still think college is way too expensive these days, but if you think of it as only purchasing a degree, you're missing a lot.