We were talking about the value of libraries and education, not university education.
I should come clean, I'm also a university employee. I do agree with you that we require too much formal education in many cases, and would add that the financial cost of university education in the US is outrageous. However, education, independent of universities, clearly has great value. Libraries in particular are very cheap; a single library can service many thousands of people with only a few employees.
Personally, I'd like to see industry embrace educational resources like Coursera, so we can move away from the expensive, often predatory university model that locks many fields behind golden gates.