I am all for the idea of 're-calibrating' our attainment system ie making a first degree what it was: a universally recognised qualification denoting a very solid, high achievement in an academically rigorous subject requiring an exceptional level of ability- ie something maybe 15-20% of the population might hold (thinking about it, that'd be about the number who go to grammar school in a GS area, isn't it?!).
For the rest there should be an academically sliding scale (not 'worth as a human' being scale!) encompassing HNDs (remember them?) HNCs, City & Guilds and so on.
However, we can never return to those days as anything less than a degree, being so 'universally available' for a good chunk of years has established the mind-set where no one bats an eyelid at the need for a degree to start on the bottom rung of managing a golf-course (my crusty old example again, sorry!) and as for a HNC gained at a polytechnic. Hah. Failure. AND of course, we do the new 're-calibrated' students no favours who now will get a Diploma where their older siblings got a degree for exactly the same input.
I do not regret getting my degree. It ensured my transition to a senior post in my line of work (in Australia, at the time, who are well along the American trajectory of first degrees-for-all). I gained it at a UK 'university' but I would say I was disappointed at the lack of solid content and any academic rigour required to pass it. I hoped to learn new stuff over and above my original diploma but in fact I discovered I was effectively paying for a bit of paper that would act merely as a passport for more pay at work, because employers have, by society, been allowed to start demanding degrees because THAT'S what's out there. Like the tea shop owners in Salisbury demanding A levels to become waitresses because that was what was available in 1980! That was a bit different but it serves the discussion in another way, too- many of these A level girls made lousy waitresses! Their expectations of 'more' had been (temporarily) dashed by that recession and most were heading to uni in September, anyway BUT they closed out the CSE qualified girls who would have made a better job of it because that's what they wanted; a local, steady permanent job, staying near home with the chance maybe of rising to shift manager. I absolutely am not mocking or condemning that (speaking as the parent of one DS who I pray will get an apprenticeship as that is what he is academically and vocationally suited for; the other is old-school university able) but one thing this new 'uni for all' sillliness has meant is that such youngsters are forced into directions they just don't want to go in (and massive, unserviceable debts the moment they start earning a 'living wage', the sort that should allow the saving up of a house deposit) IF they want that golf club job... AND people who'd've made a far better job of that waitressing or, let's face it, Enrolled Nurse position don't get a look in as they can't jump that first hurdle, in the case of the nurse, of The Degree. No, no one's 'forcing' anybody, but you don't get on any professional ladder or a hell of a lot of vocational ladders! without it!