If you went to college to get a degree, and network towards a job, like one is supposed to, then it's not necessarily fun...but it's far more worthwhile to those who do it.
But if you're in college for athletics or to party (I've met people like that), it's fun, but you're getting nothing (except maybe a stint in say... the NBA) out of it, and that might be closer to what Johnson is talking about (although these students often don't graduate at all).
I find it funny that these are not mutually exclusive sadly. The ones who get good jobs seem to be the ones incapable of stringing a coherent sentence together from my experience. Of course, there are a few exceptions where intelligent narcissists tend to prevail instead, but the vast majority of those who get the best jobs seem to have a GPA around 3.0 if that and are athletes.
Maybe I'm being cynical to a degree, but that's the way it always seems to play out.