"knowledge which will prepare them for life" sounds dangerously like a euphemism for vocationally-minded courses. You fail to realise that 'life knowledge' is gained in so many other ways. It's all around us, we are taught it by our families, our communities, by the experience of going to school, in our relationships, sporting teams, and co-curricular activities. The HSC is doing it's job, and 'life knowledge' does not need to be its focus, there's enough of that to go around in other facets of a student's life. That said, life skills like working towards deadlines, organisation, and the value of hard work are all demonstrated in the HSC.
And how on earth to you validate this bold assertion: "The HSC churns out students who are programmed to do what they're told." I've never heard anything as sweeping as it is wrong.