College per se isn't a scam. Unfettered capitalism and privatizing of societal needs is the scam.

Like so many things in the US, the more a societal need (an informed electorate) vis-a-vis higher education has been commoditized, the less value is delivered for the same money. Why? Because what used to be invested in teaching long-term goods (i.e. "learning to learn," asking good questions, breaking down problems, working independently towards deadlines) becomses secondary to bringing in dollars to deliver profit to the owners.

This is the same reason healthcare is expensive AF in the US, but US healthcare outcomes are at the bottom of the charts for industrialized nations.

[edit] typo