Couldn't we say the same thing about most bachelor's degrees?
As far as your grade improvement, it comes from the fact that you aren't wasting time going deep into each issue because you barely know anything. Instead, you are forced to spend the majority of the time discussing the facts and applying them to the problem. I came to the same realization in law school.
If we made it shorter, there would be even more competition for the handful of jobs available. If anything, we should add a year.