Is the current university/college craze composed by false beliefs?

Is university really the only way to acquire deep knowledge?
Is it really the only way you can get the abilities to have a good paying job/create a business?

Or is it a necessary certificate because most jobs ask for it?


I'm in italy and it's full of people that don't care about economics and business that choose it as a university without even knowing what it is because "it's the only way to find a job", i don't blame them they're acting in their self interest but they don't care about knowledge, it's just a process to go through to achieve salvation.
So my question is (knowing that it depends on the country/job market), is it a justified sentiment?