I would absolutely prefer to send my (hypothetical) children to college for the reasons you've stated here. But really: are increased earnings due to anything

I would absolutely prefer to send my (hypothetical) children to college for the reasons you've stated here. But really: are increased earnings due to anything people learn at college or because of its social value? I.e. it's been over-sold and many people will assume you're dumb/couldn't get accepted somewhere if you don't play along.