Graduation rates is a useful outcome measurement for colleges/universities. It’s for answering the question, “How is the university performing and can it do better?”.
Institutions can have policies, programs and resources that impact graduation rates. Can CSU-LA do better? Sure it can. Maybe hiring more advisors, make it easier to enroll in critical track classes, fund programs that target at risk students (say low SES/URM STEM majors), etc.
Should someone take graduation rate into account when picking a college? Maybe, it’s one factor at of many, but it’s not a key driver for most folks. A low graduation rate may mean a college does an poor job of supporting students (due to a lack of funding, etc.) and implies a certain academic environment. Nothing wrong with checking out grad rates, but it’s just one factor in many, and it’s usual far less important than cost and fit.