Couple of points:
1. People picking shytty majors isn't really the main problem. Sure, people should be discouraged from picking majors with bad job prospects, and colleges need to be more honest about this, but that's not the root of the issue. It's not only people that pick bad majors that are having trouble finding jobs. Even if everybody currently in college picked a "good" major, a certain percentage would still end up working shytty jobs due to their just not being enough jobs for all of them.
2. College being too expensive is part of the problem, but again, if people could graduate and get good enough jobs to pay their loans back then it would be less of an issue.
3. Having a less-educated populace is not going to help anybody in the long-term. We shouldn't ignore the benefits of having an educated populace - educated people on average have better health, are less likely to commit crimes or go to jail, contribute more back in terms of GDP, etc.
My overall point is that too many people with college degrees isn't the real problem. The real problem is lack of decent jobs. That's what needs to be addressed. We need to figure out why society can't produce enough good jobs for people coming out of school.