The same thing has happened here in the US
More people go to college than any other time in history, made possible by subsidies and easy to get (but not to get rid of) financing. The resulting "education bubble" has encouraged universities to invent all kinds of programs to pass all kinds of people to accommodate the surge.
Since "intelligence tests" by employers were outlawed 40 years ago, the bachelors degree has become the de-facto test; the assumption being that if you're smart enough to make it through an undergrad program, you're probably smart enough to do most jobs. As a result, the BA replaced the high school diploma as the minimum credential decades ago. As a predictable result, the value of all degrees have been diluted.
