I believe ktRolster may be refering to "Procedural Abstration". The term is used in SICP [1] (the Wizard Book using scheme, previously freshman programming text at MIT).
Abstration can take many forms. But can often be described as "seperating things that change and/or repeat from those that don't", or something like that.
The last paragraph may be a joke, or based on one of the Principles in the O'Reilly Design Patterns [2] book.
You might be complaining about students being taught Python and it becoming their "blub" language. We all start somewhere, and you can indeed go far with Python in some fields. It's popular with scientists for instance.
True. But before the days of Structured Programming widespread understanding of algorithms was hoped to lead to a professional Software Engineering field.
The idea of "Software Engineering" was born with the Software Crisis report in the 1960's.
Later on practicing SE's would study things like Design Patterns so things evolved over time.
EDIT: Software Engineers probably should know some relevant basics, but programmers could never come up with a "body of knowledge" like real engineers have.
It all depends what you work on and what new developments keep coming out...