The math of college still holds true in the US depending on what you major in [0][1].
Most non-college goers are not attending apprenticeship programs or joining union jobs - which nowadays increasingly require a college education [2].
This isn't the 1970s anymore where you can go to the local factory and screw parts by hand - manufacturing, carpentry, metalworking, and other industrial arts increasingly require STEM fundamentals which for most students they can only acquire in some form of college (be it 2-year or 4-year).
I've seen this first hand now that I've been taking carpentry courses at my local CC as a side hobby - the union track apprenticeship program that's part of the CC expects an associates degree at a minimum.
[0] - https://www.ppic.org/publication/is-college-worth-it/
[1] - https://static1.squarespace.com/static/60832ecef615231cedd30...
[2] - https://www.bls.gov/news.release/pdf/union2.pdf