I agree with you for the most part. And so do many undergrads who decide not to go to school. At my law school, we saw a drop from 200 entering students in 2010, to 180 in 2011, to about 160 in 2012.
The ABA needs to shut off the accreditation to a lot of these loser schools (not in the top 100) that do send kids into spiraling debt with no hope of gainful employment.
Still, the IBR plan is a good policy because although we may have a lot of litigators or 26 year olds who dig through boxes of papers, there are a lot of segments of society that do need lawyers. Like small communities with old men running a county firm.