If it's difficult to find a good job* straight out of uni, then graduates must work hard at /finding a job/ rather than at something society values (e.g., engineering). If we're imagining better worlds, I think it would be better to have a superabundance of worthwhile things to do than to have a superabundance of people chasing a smaller number of worthwhile activities.
Making sure people are matched to jobs they're good at and they like is something that society values. Or would you prefer that your career was chosen by a central committee?
*(or found a startup)