Lots of great stuff here. I can see many individual articles coming from this piece.
The high school diploma does prove a certain degree of competence. The petroleum industry is no longer hiring young people who dropped out of school. The diploma proves a certain level of reading skills. And as young laborers move into more responsibility, the diploma proves some math and science skills to take on that work.
I advocate for a more free way of education:
https://tiereddemocraticgovernance.org/blog_details.php?blog_cat_id=18&id=32
In essence, students move at their own pace, finding subjects and ways that interest them.