Sure. A lot of college students waste a lot of time. The question is—would it be any different if they weren’t in college? Even more important, does time wasted in college equate to the possibility of greater future time wasting when compared to time wasted only in high school?
You don’t have to waste time in college. You could waste it elsewhere, only with less edification. You could be doing drugs. Or drinking. At least time wasted in college has a better chance of giving you more learning.
Of course, most people would rather waste time in college than not in college. Time wasted in college brings you an average of something between 5 and 10k more per year that those who didn’t waste time in college. Also, I’m pretty sure there are plenty of surveys showing that people who wasted time in college are happier and have greater life satisfaction than those who forewent that pleasure.
So all in all, if you have the choice of wasting time in college, then you should probably do it. It is pretty rare for people who don’t waste time in college to be as happy or as wealthy as those who did the college thing.
Now, as to your real question—your premise is totally wrong. Most people don’t tell others they have a degree in order to get over on them, or to make it seem like they are smarter. And if anyone does that, the people who believe that reasoning are pretty much idiots. The only way to tell how competent or smart a person is is to see what they do. If you believe what they say, then you deserve what you get.
In any case, I don’t see this parade of bigwigs telling us we should listen to them because they have diplomas. It’s such a ridiculous idea, that I think you’re having one over on us. Sigh. And I fell for it again. Hey! Go figure. I have a degree. In science!