EE is hard. Bad EEs are unemployable. There's no demand. EE is also beautiful and absolutely fascinating. You get to:
- Do beautiful math
- Build things and get your hands dirty
- Do super-creative design
... and so on. It's just fun!
I have a Ph.D in electronic engineering from a top school, and I don't regret one minute of the program. I graduated during a downturn, and finding a job was neigh-impossible, despite being one of the best graduates from probably the best EE Ph.D program in the nation. Industry wanted experience. SE jobs were easy to find and paid better. I eventually found an EE job but many didn't.
I noped it out of the field after that. The core problem is EE companies are no fun. Employees just aren't treated well. IC design jobs mostly have all the accoutrements of Office Space and Dilbert: cubicle farms, rigid bureaucracies, limited vacation policies, button-down shirts, and so on. None of these things make people more productive or contribute to the bottom line.
I do EE only as a hobby now.
I don't think the trick is to water down schools, so much as to make the industry less oppressive.