You are describing a book report approach to "research" versus actually generating new knowledge. There's plenty of original research that occurs today - just not by college students (at least not very much by them).

Don't get me wrong - I don't believe that most of what academia produces actually matters or impacts the world, but there are original ideas/findings that are not just regurgitated remnants of existing stuff. I know it's fun to be a cynic about this, but it's also narrow minded and incorrect. In short, I agree with you for the most part, but there are pockets of really good discoveries/ideas occurring out there... thank goodness.