Depends what you think the purpose of HE is.
-If it's a route into careers, especially professional careers, this would seem on the surface to make sense. It's so expensive to put yourself/your offspring through university; why wouldn't you want value for money? I wouldn't spend £37k+ on a car that didn't run.
-If it's education as a way to enhance life for as many as possible (education for its own sake), this seems like a bad idea BUT education at HE level costs an absolute fortune. If this is the purpose, HE needs to be heavily subsidised to allow it to fulfil its purpose.
-If it's to keep unemployment figures down (clue: this is the view of government) it's a crazy idea. The more people in HE, the lower unemployment appears to be. Why scupper this? Keep the BSc in 'Adventure' and keep young people in 'education'. (Years ago, I looked through UCAS lists and this was the most bonkers degree I could find).
Unemployment is low, and voters respond to dogwhistle politics. We react to shite positively, we get served more shite. This is a policy for dyed-in-the-wool Tory voters to get frothy with joy about. Until we don't have these attitudes, these policies will keep being announced.
Honestly, there are jobs and careers that need degrees and there are degrees that are pointless and there are plenty of careers that don't need degrees. Everyone knows it; not everyone wants to acknowledge it.
If (as it should be IMHO), education should be valued for its own sake, rather than the job it 'gets' you, it doesn't matter one shiny shite what you take as a degree course.
As it stands, degrees are usually seen as routes into careers. Hence: make them fit for their current purpose.