The majority of the point is signaling, yes. To determine whether or not it is silly, you need to consider the goals.
A majority of the point of college for a lot of people is also signaling. Is that silly? Again, it depends.
You may dislike comparing an expensive watch to an education, but there are people out there with a lot of money who care a lot more about your ability to look like their wealth-peer than they do about your education.
I'd rather have the education, too, but there are lots of people in the world who don't work that way.
(I have a couple nicer-than-cheap watches. One is due to features, the other is just gorgeous. Neither was anywhere near $5k.)
Not that I care much about signalling, but you can't signal your education unless you bring you degree with you. You can signal your wealth.
Wealth generally signals success, and if you're successful no one cares about your education. Formal education also doesn't mean intelligence. You can be super smart and have no degree, and be successful.
The majority of the point is signaling, yes. To determine whether or not it is silly, you need to consider the goals.
A majority of the point of college for a lot of people is also signaling. Is that silly? Again, it depends.
You may dislike comparing an expensive watch to an education, but there are people out there with a lot of money who care a lot more about your ability to look like their wealth-peer than they do about your education.
I'd rather have the education, too, but there are lots of people in the world who don't work that way.
(I have a couple nicer-than-cheap watches. One is due to features, the other is just gorgeous. Neither was anywhere near $5k.)