Well, I think things are more or less as they should be. It would be quite difficult to shoehorn a deep understanding of toolmaking into an engineering curriculum. I'm not saying that mechanical eng's wouldn't benefit from some exposure, but I think it would be very difficult to jam an extra 2yrs of school and 3yrs of apprenticeship into a 4yr undergraduate mech program.
Mechanical engineering focuses more on applied physics than the actual fabrication of shapes. Our curriculum gives us more of a general experience in part design as opposed to part fabrication. So general that we get a decent dollop of material science, chemistry, solid mechanics (study of stress and strain in shapes), electronics (motors and a bit signals and microprocessors), and a smidgen of manufacturing techniques. An undergrad degree is generic enough that we're more expected to figure out where we need to learn more for our specific jobs than actually know enough to immediately do anything. We take all sorts of things for granted like mating a pair of parts in a Solidworks assembly as "perpendicular" or "parallel". CAD gives us an idealized environment to allow us to focus more on designing for deflection, vibration, or wear (contact pressure). If we worried about scraping and blueing too much, we wouldn't be able to design anything light enough to fly. Our brains are too small to consider every factor under the sun. Unfortunately we sometimes accidentally read the glossy brochures at the university registrar and we actually think we're super smart and forget that we only know enough to find out where we need to learn more. Sometimes one of the properties of ignorance is that you don't know what you don't know.
There is definitely a happier middleground between the division between engineering and tool making. Good product design also includes considerations towards manufacturing.
I own and operate a tiny company so I get to worry about the tradeoffs from start to finish. I design with consideration of costs in materials, tooling (fabricated in house), part manufacturing, assembly, packaging, marketing, and sales. It seems to me that a well balanced design equally annoys everyone. From the T&D guy who wishes the tooling could be a little simpler or maybe made twice as thick, assembly foreman who wishes there could be fewer parts, and the sales guy who wants me to drop the pricing by 10%, and finally me wishing that production could go maybe 15% faster with a commensurate increase in sales.