Academia put itself as a gateway and barrier to the middle class. Why would we be surprised when people with no interest in anything but the goal are not enthralled by the process?
How did academia do that? It doesn’t seem like universities would have the power to do that. More likely, either employers put academia as a gateway. Or even: the culture at large misunderstood what pathways existed to middle class life. Or even: pathways to middle class life became scarcer and more insecure, and the real gatekeepers (hiring managers) had no good ways to select which of the many people at the door to let through.
It also recognized the GI Bill as an opportunity and also sent lobbyists for the HEA in 1965.
We could make it less meaningful if employers weren’t so keen on using credentials as their own gateway. That may have more of a chance of happening if the OPs perspective becomes more prevalent and the credential becomes an increasingly worse signal for meaningful skills.
But it wasn't about credentials even. It was about inculcating a culture. You knew that someone had the knowledge and ability to reach university, and you knew that they had a shared common culture with you. Shared common culture and norms increases trust. Credentials mattered for doctors, but universities, in the end, were selling something far more intangible: culture.
You can start issuing your own credentials tomorrow.