I used to go to Korea fairly often for business, even back around 2013 to 2015, it was clear their education system wasn't evolving and massive amounts of university graduates ended up working in coffee and fried chicken joints which were found on every city block.
Their thinking was to produce as many university graduates as possible, but their chaebols couldn't absorb them all, especially when Samsung, LG etc. were hiring more in Asia, Europe and US, and less in Korea as they expanded internationally. Tough job competition then led to uber competition at the high school tutoring level.
The thing is that way too many Koreans went into K-pop and TV series making instead. That is why Black Pink and BTS are so successful. They even won an Oscars with that Parasites movie.