There has been a general trend that employers want higher credentials than before, at the applicant’s (or government public schools or previous employers) expense. Employers are less willing now to hire “raw material” (high school graduates with no further education or training) and do on-the-job training.
Even jobs traditionally associated with college degrees have seen increasing credentials. For example, the CPA prerequisites now include 5 years of college credit, and some health care professions have moved to higher entry level degrees (e.g. occupational therapy changed from a bachelor’s degree to a master’s degree not too long ago).
Actually, a college degree may still result in increased earnings over the lack thereof, which may have negative signaling value. But as the economic growth in the economy becomes increasingly concentrated at the already-wealthy and to capital holders, it is likely that both college graduates and others who earn income through selling their labor will see falling incomes and living standards (the college pay premium is likely to be retained as both groups become worse off).