Perhaps, but YC costs nothing to apply and nothing if you are accepted, and a four year private college costs around 200k. That four year college often gives you largely impractical skills when it comes to employment. Why should we, as a society, try to choose differentiators that cost a ton of money for our students, instead of ones that are free?
The vast majority of people don't have what it takes to get into YC, nor to do anything with the chance if they did get in. But many people have the ability to go to a state school, and it will definitely make them more employable if they major in something practical.
Just based on the earning and unemployment rates of college grads vs. high school grads, a college degree still makes a dramatic difference in your chances of employment.