The "Yes" or "No" of this question is largely dependent on what the student takes advantage of in the education presented to them.
The goal of a liberal arts college used to be to obtain a well rounded education that would enable a person to move through their lives with a grounded knowledge of several subjects and a passing knowledge of many more. To be aware of scientific theories and breakthroughs, to have the opportunity to be well exposed to literature, Art, history, politics, global concerns. It was not supposed to matriculate you with a degree that you would use to instantly get a high paying job. It is more like an opportunity to get exposed to what a well rounded education would be. For people who fully take advantage of a liberal arts education... "No", it's not a scam. For people who wanted to go to college for a few years, get an impressive degree that will quickly get them snapped up into a well paying job... "Yes".