Financial ROI has become more important mainly because higher education is (a) more difficult to afford financially, and (b) more of a “necessary” credential in many parts of the labor market (even if general or specific skills and knowledge signaled by higher education are not needed for the job – credential creep). For most college students, the upgrade in job and career prospects are probably the primary motivation, and they would not spend the money to attend college if it did not upgrade their job and career prospects compared to having just a high school diploma.
Granted, those with generous wealthy well-connected parents may not need to consider the financial ROI aspects of college much or at all. But that describes only a tiny slice of college students and potential college students.