I think the certification model is worth exploring. Mastering basic subject areas using a more self-paced learning style has a lot of attractive features. It would drastically cut the costs of higher education for many millions of people, it would break up the monopoly on education that is held by education industry, and it would force competitive instructors offer a better level of instruction.
I'm not particularly sure that mere exposure to various fields in college results in a well rounded education. I have always been an avid student and that served me well in college and the university but I would have been a curious and analytical student anyway. I knew a number of people who never cracked a book open after getting their degrees and they no more retained any information about The Wasteland than they did about college algebra.
As an employer, it would be refreshing to know that a prospective employee can write a concise progress report in standard English or calculate simple regressions. These aren't skills I can take for granted based on college graduation or degree area anymore.
The current system is basically an 19th century concept designed to meet the needs of the then new professional classes. I admire Florence Nightingale but I wouldn't want to be treated in one of her hospitals today.