It is not just overrated as a measurement of intelligence, it is overrated as a measurement of the acquisition of knowledge. After 5 years of training specifically in a liberal arts degree, a typical graduate is less capable of contributing to society in any real way than they were the day they got out of high school and also haven't obtained any knowledge that isn't really just thinly disguised opinion.
It is not just overrated as a measurement of intelligence, it is overrated as a measurement of the acquisition of knowledge. After 5 years of training specifically in a liberal arts degree, a typical graduate is less capable of contributing to society in any real way than they were the day they got out of high school