is the stuff you learn at university the stuff you should learn ?

The "should" should not feature in the search for knowledge! We must trust that seeking knowledge in itself will bring good things. People who want utility from their schooling should attend trade schools.

I don't think and universities are necessarily good at developing that capacity either , judging by the output of the system

People say this, but I don't know what they mean exactly. In my mind, the universities came up with the best ideas, like, ever! Newton and Einstein are the more classic cases, the internet (well, it was government-sanctioned) and DNA are more modern examples. Even when something is invented outside of a university, it's usually by a person who went to university. I don't know, maybe this is like the argument that says "most geniuses were men". I.e. the university is such a staple, that chances are people who invent good stuff are going to attend a university.

you can't assume anymore that university level stud lies and degrees are universally beneficial anymore. Many people are in university that should not be. It was too often prescribed as a standard formula to achieve "Success" in life and a lot of people found out the hard way it is not a panacea...

I can agree with that.