Some US colleges and universities are comparable to universities abroad when it comes to STEM, but college education in general has been overemphasized by employers, leading to increased demand without increasing supply, thus raising tuition prices to comparatively insane amounts.
For instance, almost any white collar entry level job or even in some cases internship will require at least a related 2 year degree. That's part of why you see so many college kids in the US working service jobs while they hold useless degrees.