Lets face it, 120 credit hours hardly make anyone qualified in anything. I can literally count on my hand the few truly valuable classes that have been somewhat worthwhile. I assume you have been to school. Have you ever been left with wonderment as to why you cannot finish a text book in the allotted time with some teachers disregarding them totally? Spending a week to cover Cell Replication is hardly enough to do it any justice let alone learn much of anything. Spending one day on the Assassination of Abraham Lincoln does virtually nothing to understanding why and how....
IMO, college does a couple of things.
First, it's another 4 years of growing up and maturing.
Second, it teaches (or attempts to teach) critical thinking. Obviously, you won't get all the ins and outs of cell reproduction in one week. You're not supposed to. If you want to delve into that area in more depth, then pursue a degree in biology. But, for those who only need an introduction into biology, that's more than enough.
These core classes teach research methods, how to analyze data, how to think about issues critically, and often force students to express themselves in writing. Content is only one aspect.
Now I will agree with you that many individuals become learned without formal education. But, for the average Joe, like me, who needs credentials to get a job, advance, etc., it's invaluable.