To provide a 4 year degree that is the modern equivalent of the high school diploma.
I’ll second that comment.
Actually one could see the pendulum moving down long before 2008. I used to interview individuals for positions in my organization up to the mid 90’s. Beginning in the mid late 80’s, I began to notice the movement into soft studies because the positions I interviewed for required at least a bachelor’s degree. Beyond that, the enthusiasm for the work began to wain while the desire to determine job benefits and working conditions took over. I recall a conversation with an applicant who was not selected. After hearing the successful candidate agreed to move to another location plus he possessed a degree which required critical thinking skills over his rudamentary education he became irate almost to the point of expressing he was entitled to that job because he had a degree (no matter what or from where ((he had the equal of a degree from a close match book cover before striking institution)).
Overall, the state of the economy is the great equalizer. In the years of my experience, the economy especially in silicon valley was running full bore so the marginal found jobs. Today, it is only the best need apply. In this atmosphere, knowing ones limitations and developing ones strengths wins out over those with super inflated egos and senses of entitlement IMO.