It is exactly that. Schools just want people to churn and nothing more. They don't care even if you graduate. The worst part is that everybody thinks education is the lifeblood of happy people so you can't tell these schools to screw without some insane liberal screaming you're trying to disenfranchise the poor.
The thing is, most kids go to school not knowing what they want to do. If that is the case, going to college is the absolute worst possible decision you could ever make. On top of that, you might even be going into a field you despise but can't back out now.