The real problem these days is that the governments want to help everybody get a tertiary education, which depletes the point in the 'elites' getting degrees in the first place (to signal competence to potential employers). It then means that elites need to spend additional time getting masters degrees to signal they are more competent than those less able, which means an additional 2 years of lost income, and fees paid to the academic institutions. And now everybody is graduating with ~50k of student debt that they are going to struggle to pay off.
Yes, signalling the people who have unique and strong skill sets is getting harder. But with current off-the-shelf technology, it should be getting easier. I have a vision for how universities should be, but unfortunately, I don't like it because of the big hole it leaves in our system.
Before information could be recorded and reproduced easily and accurately,
before the printing press, education was very hands-on and apprenticeships were used to introduce new skills to a family. Then with printed books, lecturers stood in front of an audience and delivered information. Now that information can be reproduced and shared virtually for free,
online courses can deliver the information at almost no cost. I believe that providing well structured information, and exercises to give it practical meaning, is sufficient to transfer skills. But I recognise that
a skilled mentor, and learner collaboration, accelerate this process. And as you have indicated, personal research and reading of material that is related to but supplementary also deepens and broadens the skill. So I see the delivery of information transitioning to online, including online mentoring and group collaboration. I don't see any requirement for the delivery of information to come from a single source, or institution.
But a qualification comes in two parts. One is the acquiring of the skills.
The second part is the verification that the skills have been acquired. While online delivery has improved the transfer of information.
The Internet has seriously undermined the verification process. On Upwork, a platform that connects freelancers to clients, I frequently get invited to do tasks which are clearly student assignments. I have a standard text about personalised plagarism for pasting into my response. Even completing online tests is being regularly outsourced. This is a serious problem, but the solution is a great opportunity.
I would like to see an independent commercial body established that certifies businesses running "invigilated rooms" where computers are provided, identity is verified, and behaviour is monitored.
Students anywhere in the world could go to a certified invigilated room, and work on their assignments or complete assessment tasks. This functionality would then enable the delivery of information to be segregated from the verification of a skill set. Someone who has years of experience running their own travel agency, could pay for assessment of their business and travel skills, and receive a legitimate qualification in business and travel. If they fail a unit, they could go to whatever information delivery format that suited them, gain the skill, and re-sit the unit.
The system described above would enable education to be almost free, and the cost of verifying the acquired skill set to be competitive and affordable. The downside is that our society also relies heavily on universities to conduct research and further the body of human knowledge. Currently this process is partially funded by student fees and government subsidies. It is also partially funded by commercial interests.
Shifting to my proposed model would push research activities into a fully commercial model. This is a problem because knowledge about what is profitable is frequently different to knowledge about what is beneficial and socially constructive.