Just about any trade out there has a college degree equivalent, where you get the theoretical knowledge as well as as the hands on skills.
Just about all machining-related trades = mechanical engineering. Auto mechanic = automotive engineering. Electrician = electric engineering. Construction = civil engineering.
upon thinking about this a bit, i can now explain (from my engineering view) why college > trade IMO.
a blacksmith knows how to create strong steels, work them into shape, etc. he knows the practice of metallurgy, but not the science. it would only be by sheer luck that he would be able to continually improve steel manufacturing/quality.
however, in studying the science of metallurgy, you are able to understand *WHY* things happen - why steels become strong upon quenching, tougher upon tempering, what makes them strong, and how to continually create stronger/tougher steels.
ironically, alloying is still largely driven by empiricism, *but* scientific understand of metallurgy, which really only began about 1930, is what truly led to the explosion in metals technology. CNTs in damascus steel, for example, was merely a coincidence of practice, rather than a design choice (unless someone happened to have had a TEM 500 years ago) and it is only today why were are understanding what made damascus steel superior to other types.
so in short, teaching the skill of metallurgy is important, but learning the science of metallurgy will allow you to make much greater technological leaps in the long run.
at least, that's my take on it. i am not downplaying trade skills at all - i think they're quite important, and moreover,would *love* to learn blacksmithing, machining, and mechanic skills (currently trying to learn motorcycles) and they most certainly are valuable trade skills.