Very true in your statement but like to add as here in Australia our secondary schools have a work experience program where hopefully you get the chance to do some work with companies of your choice to experience the real working conditions in your chosen career.College is not just about the hard skills.
so for example, when I did my electronics degree, it's not just about building circuits, or learning communication theory.
the reason that you write reports in college is that in real life, you have to write reports.
the reason that you're given vague assignments, (like build an X) is that you have to select resources, evaluate them decide the best then build. - you have to do that in industry too, and it doesn't matter that you'll do that in a team, because it's pretty hard on the reason of the team if you have no experiance of doing that and have never done it.
team assignments teach you to work as a team.
deadlines teach you to work to deadlines.
The thing is college does not give you work experience, and does not "prepare" you for work.
College teaches you things, whether that is facts of skills.
Those facts and skills help you once you've got a job.
(and those skills are why most people without college/university education do not climb as far career wise as those with.)
I would imagine other countries would have a similar system in place.
How successful this program is another topic for debate but none the less better than nothing.