I do find it bizarre that qualifications, regardless of the quality, are seen as useful and equipping young people for life in the modern world.
I have seen pupils with decent but uninspiring GCSEs go on to read STEM A levels, come out with a bunch of Bs and then go on to study, say, engineering at, to put it politely 2nd rate institutions, and come out with good degrees. The B grades can come in at under 50% in Maths and Physics. How can someone who has failed to understand more than 1/2 the A level syllabus understand degree level work?! In reality, they can’t, so the degree is massively dumbed down. And we still have the farce of pretending that all 2 1s are equal, regardless of institution.
(Of course there are exceptions, with pupils maturing later, special factors in A level grades etc, but they are statistically few).
What does a well educated population mean? To me, it means people educated to a suitable level, given their ability, to contribute both economically and socially to the community. If we reduced degrees substantially, we could support those who would truly benefit with cheaper loans and even grants, as I was lucky enough to get.
Most teachers I know think the current system is the worst and this contributed to social mobility being the worst in decades.