It all depends on personal expectations at the end of the day. You might think joining small/mid companies with a lower starting pay is not good, but if you think from another angle it makes a lot of sense also.

If a PT private degree can also join MNCs at the same starting pay, why would anyone bother to study hard in JC/poly and get into the local unis or branded unis overseas? Might as well everyone just do whatever they want, then spend some money get a private degree and in the end still the same.

To be fair I know some private degree holders who are competent and have a good career over long term as well, but I notice a lot of private grads seem to have unrealistic expectations and expect to get the same offers from top MNCs as those from good and hard to get in uni.