I think you're asking a few questions which I will try to answer below.
Is college valuable? YES!
College is valuable for the education and for the social growth. In the past, college was a way of accrediting people to say they were good at a certain item and could then practice that field. College is essential these days to show that you had the discipline and ability to learn in a structured environment (working is a massively structured environment). College introduces you to new ways of thinking and provides a risk free ability to explore different interests and areas where you might end up. It makes you a "well rounded person" which essentially means that it grows your social skills and introduces you to a wide range of individuals. College is also awesomely fun.
But is college worth it when it's so expensive? Depends
If your'e paying $60K a year to go to a college and get the same level of education you could at the state school for $10K per year, I would argue you are better off being the top student at the state school. That said, college also can provide you with a network of individuals which you can use later in life. Unfortunately, the world is still largely "who you know" and not just "what you know". These friends might help you get jobs, fund your startup, etc.
But people not going to college are successful (and vice versa)?
Though there are the stories of Bill Gates and Mark Zuckerburgs, the data will show that the majority of successful individuals are college graduates while Gates and Zuckerburg are exceptions to the rule. If you look at census data, you can actually see the level of wealth and income increase with accredited education. Even a year of college increases your lifetime potential earnings.
Is college for everyone? No.
College is not for everyone. Some people might be more interested in two year vocational schools while others find the academic rigors of college to be overwhelming. Some people can't work in a structured environment. But, again, those who are able to be successful without going to college are few and far between.