If the purpose of college is not to get a job, then why do they give out degrees? Why do they give out loans? Many colleges heavily advertise how it will help

If the purpose of college is not to get a job, then why do they give out degrees? Why do they give out loans? Many colleges heavily advertise how it will help your career prospects. Yet when called out on the less than rosy outcomes they retreat to a position of oh it isn't about career at all.