I'm a physics student right now. But, to be honest I'd seriously consider studying engineering if I felt like it would give me a noble purpose in life. However, I'm really not inspired by the purpose that would be offered to me by most private corporations that hire engineers. That's just honestly how I feel.
I know a fellow who got his degree in chemical engineering and went to work for a pharmaceutical company. There's no end to how disenfranchised he was after a year of that. Now he wants to work for a government regulatory department.
Now, if NASA were still hiring (in bulk). If they were still big. If they had some highly credible space exploration project that was going to advance the cause of human existence, that would inspire me. I would definitely want to be an engineer then. I think a lot of other college students would feel the same. Not all of the new engineers would make the cut, and some would certainly be deflected into the private sector anyway, but we'd all feel like we had been trying to do something noble when we studied, not just doing it to make money. (Of course we would still.... make money.)
Right now, I see a lot of students enrolling in programs to become social workers. It might be partly because they're easier degrees, but it doesn't discount the fact that government work has an allure. The trouble is: how is the private sector going to employ social workers if not all of them find government jobs?
Engineering, on the other hand, is a job market that really can't easily become over crowded. It would be very difficult to have too many engineers, because they're a basic building block for industry. New jobs open up automatically when they decide to take part in the start of a new company.