I agree, it's a huge business and not much more these days. At least in the US.
If you want a career in a "professional" field such as a doctor or lawyer you need it.
If you want a career in a field more based on thinking than memorization of a million facts you don't need it
If you are just out of highschool, have no clue what you want to do and are of average intellegence you need it these days becuase companies want the non-thinking conforming worker drones that colleges crank out (this covers the vast majority of college students)