The education system is indeed broken, but I believe value is what we ultimately make of it. For some it may feel like wasted years, but I for one am more driven to dominate my field the higher I level up in education...though the results may speak different sometimes
If it is just proof a person can get through it, it is not time well spent. Create some other filter instead where real-world performance matters. Jobs tend to reward the performers, not the theoretical performers.