It really depends on what major you selected in college.
I felt it was a scam because I simply didn't learn anything. The material was far too simple, there wasn't enough work, and the classmates were morons. All of the classes were either lecture halls which you had to teach material to yourself, or small classes taught by TAs who aren't there to teach you. They're just doing it to pay for their school.
Granted, I was a great student in high school and didn't go to a school that fit my academic background (a financial-based decision). I would never recommend this to anyone. I actually almost transferred because of this. Go to the best school you get into that you can afford and you will be happy at. I'd even recommend small private schools over big public schools (bigger scams).
The best education I received, no question, was at a community college. And it's the best value by far as well. You get a 30 person classroom with an actual professor for pennies. I never had to pay for a CC because of scholarships. The students at a CC were all there for a reason, not there to "party". They were driven and had plans. Education meant something to them, they weren't living off of Mom and Dad's wallet. You did have a mixed bag - there were the people who were too stupid to go anywhere else, and the mature students who went there because they recognized the value.
If you did research, knew what fields were going to be in demand, and chose a major where college could help you locate employment upon graduation, then college serves a great purpose. If you took the advice of these colleges, and "studied what you wanted to study", you found no benefit unless you were a lucky individual.
Those who will benefit most are those who choose a major that there is a need for. If you choose Nursing, you will receive a GREAT ROI as opposed to someone who chooses "Business". 2 years at a CC getting a degree in nursing will net you $20/hour. 4 years in school for engineering will net you nearly $30/hour. If you look into teaching, there's a shortage as well.