I have some thoughts.
For one, I believe college prices are driven higher by the extensive use of debt (rather than cash) to pay their prices. People have an amazing way of not being able to gauge value when they make promises to pay rather than trying to figure out actual ways to pay. I think that explains most of the skyrocketing cost of higher education. Just like the skyrocketing costs of vehicles (an F-150 cost how much!!)
I also am a huge believer in the "selection bias" issue raised on the article. I was recruited to play sports at Ivy league/Prestigious academic institutions but didn't have the money. Instead I went to community college. Same issue when I chose the law school. Fancy, expensive school or free, state school? The expensive institutions sell the idea that it is the place that creates the success. I wholeheartedly disagree. Every time I chose the "value" institution and I feel I've had plenty of success. I believe that success is based on who I am, rather than the institutions I attended. Also, a key ingredient in my success has been not having student loans and the consequent freedom to pursue a less traditional path. So, I believe selection bias is real and I wish people would think more about it when making educational decisions.
Of course, the ubiquitous "basketweaving" degree is an issue as well. People "speculate" when they don't make informed decisions on the value of the degree they are actually pursuing. To avoid "speculating" people need to be more explicit in their aims for going to college. Are you going to get a well rounded liberal arts education to be a better person - awesome. Are you going to get a degree that will increase your earning potential - awesome. However, those goals are different. If someone is expecting their education to be an "investment" then they have analyze the cost/benefit. To many people don't do a cost benefit and end up believing they can get any degree at any price and everything will work out. It might work out, but that is "speculation."
So, since you asked my opinion, I think "speculation" applies to a lot of people. I think those people are, generally speaking, the ones who complain about their high debt and low income once they go bust.