Wouldn't it also mean, that while ⅕ of CS grads initially work as support (for example), the people with just the education needed for that (vocational school) didn't get that job, because it went to someone with a better degree?

So it's not that bad after all. At least you got the job, while somebody else didn't.

This is just me thinking. Never been to the US and I'm guessing that's what the discussion is about.

Not necessarily. Many employers who don't require a college degree can be reluctant to hire someone who is "over qualified" because they are more likely to quit as soon as they get a better job, and they are more likely to keep looking for one.

With that said, there's also a lot of jobs that list a college degree as a requirement that absolutely don't need one whatsoever. I suspect this is largely to cut down on the number of applicants.

Back when applications were done on paper, I recall turning one in to a prospective employer, who set it on a stack of paper around 15cm tall, which just so happened to be right next to a trash can. Now that you can apply to 50 jobs in an hour because job application sites basically pre-fill applications for you, it's insane what hiring is like in any city bigger than a small town.