I kind of agree with you but then again I don't use 99.9% of the things I learned in school at my job. On the job training and experience is much more relevent and important.
Boomer01 PE I personally don't agree with the notion that because experience is the ultimate in one's career lifespan the education part is irrelevant. Infact, if you look into what we do as civil engineers (especially in the structurual field), you can pretty much conclude academia is the engine driving all the inovation and codes we use on a daily basis. Even at the underground level where sometimes I have qualms about the depth to which some of the courses are taught there is no doubt that most of what we learn further translate into what we do in the field finally when we step into the industry after school.
I don't know about where you had your education but looking at the average content of an ABET degree, one can find a wide range of concepts and principles applied on a daily basis in every civil engineering office. The fact that you don't find yourself refering to lecture notes on a daily basis to solve the problems you deal with does not mean you don't make use of the knowledge academia afforded you or has to offer.
What industry does is take the principles provided by academia and perfect it over time, occasionally sending it back to academia to have it fine-tuned in the labs.
If you have a graduate degree in Structural Engineering, for instance, you will acknowledge the way industry and academia work to complement each other.
Ask yourself these few questions;
How do you design a member for loads? Do you rely on some Martian principles and theories or the very basic load analysis methods we learn in school right here on earth in our brick and mortar classrooms? Staitics, Dynamics, Plastic, Linear and non-linear analysis etc?
How did the come up with the codes? Were they dreamt of by one awesome SE,PE or a combination of experts with both ScD, PhDs, BS's, MSs, SE, PE, etc?
You know why the system is messed up? Because we tend to agree with these same popular notions that you are throwing around here. Don't get me wrong the ultimate should be experience but you cannot get to that without the very basic tools you need. What we need to realise is every stage (college, after college industry experience etc.) comes with some responsibility and each has to be respected. The Engineering College stage spans over (4+2+3 years if you want a PhD) only 9years with the average being just 4 years (BS degree only) but a career spans over average 40 years. You spend roughly those forty years learning how to do things the smart and efficient way!
That is my 2 cents.