I would seriously consider not calling this whole thing a "lost generation"
Weeding out individuals whose CV contain inaccurate information has always been an uphill battle worldwide.
Unaccredited schools of learning consistently look for friendlier jurisdictions that will allow them to continue to operate. Example, Malaysia where SPU is supposedly operating.
The reason they continue to exist is that there are people looking for a shortcut or a "jolt" to their careers.
Some go for expensive training courses only to discover employers do not look for such certificates because they value actual project experiences over such training.
For job applicants with relevant job experiences, employers will skip to that section and most of the time not look at the Academic portion.
Guess when that is looked at? When you are a fresh graduate. Entry level job positions do not displace anyone. The reason why many people always see their classmates/friends/or themselves having to change line or go sell insurance is because they gave up or had never captured the skills their diploma or degree imply they have.
IT or Comp Science graduates fresh out of University declaring they want to be a project manager straight away and insisting that they are not only good enough for the job but also above the menial task of actual coding is