How many college kids do you know come out with a degree but also know how to work with CM systems, reporting tools, and teams of people. The only place I got any of that from was an internship that I took between my junior and senior year of college, which is why I always tell CS students that I know to get an internship.
That is why I went to a University who's main program was the fact that every degree was a 5 year program in which you had 3 six month internships/co-operative education work experience at companies and businesses in the area. Classes went year round on a quarters system (i.e. 4 terms a year, Fall, Winter, Spring, and Summer), Freshman and Senior year you went for 3 terms of classes, the other 3 years you did 2 terms of classes and 2 terms (which amounted to 6 months) of work at a company that you applied/interviewed and received a job offer. Most people had full time jobs lined up at the places they worked with (assuming they did well and like it there). Personally, I was offered a full time position before I finished my degree, which I accepted and finished my degree part-time (after working on the deals with my work so that they understood I had classes still and would not be available to work on certain times on certain days depending on the class and exam schedule).
I do agree with you that many schools are really not that challenging, and I am glad I went to one which was. I think that is something most 17 year olds do not think about and is something that their high school councilors and teachers need to do a better job to impress into their students' minds. Going to college is a start, but going to one which will challenge you as a person and a student is much better than a party school or paper mill...