I'm starting to believe I live in a mirror world.
While looking job as a graphic designer (that's all I can achieve right now), a portfolio is asked very often. But the thing employers ask all the time is my degree. However, I suppose if the designs were good enough, lack of any kind of degree wouldn't mind. Personally, I know some computer scientists who had graduated only from high school, so it can also be done without higher education.
But back to the University - could you develop your art skills at the same high level without it? Would you have enough discipline to practice by yourself? Even though, as you say, there were lots of trash classes, there certainly also was some useful ones. And those additional classes - a university wants to earn a specified amount of money and I believe they'd put anything in the faculty plan to achieve this. But that's so common in every university/institute/academy/call-it-whatever-you-want I've heard of that I don't even care. All I need to do is doing useful things the best I can and all the rest just to pass.
Maybe in the USA is different, but I have never heard of a person who had graduated university with whole necessary knowledge. Even on the best ones, it's necessary to develop by your own interests and self-educate.