Beyond that, it was up to the colleges to assure a quality product. That worked just fine. The colleges were held accountable because their reputations and our employability depended on them getting it right.
I can't imagine how the public education mess gets straightened out unless the feds get out of it and the states' involvement becomes minimal. It's one of the reasons high schools aren't producing enough qualified workers anymore. Those that "know better" insist on high-level academics for all and all sorts of social priorities. If that would end, localities could go back to things like shop classes, basic finance, and other skills that would prepare students for the workforce. I just can't imagine how the mess can be fixed so that happens.
Here is an article that touches on technical education [from a college news source, so fwiw]:
Wisconsin tech schools might see an increase in performance-based funding "....Nick Hillman, a UW professor in educational leadership and policy analysis, said many states are grappling with performance-based funding in higher education. This would make Wisconsin one of the most aggressive in terms of technical schools, he said.
Theres no rationale, theres no rhyme or reason as to why 100 percent is a desirable figure, Hillman said. ..."