In the UK it is not uncommon for people in their 40's to still think binge drinking is cool, and that those who don't do it are sad and/or boring.
University is just a convenient place to do it, as well as an excuse for it, which in Britain is a much desired thing.
A Birthday? Well we have to get wasted.
Christmas? Well we have to get wasted.
The weekend? Well we have to get wasted.
That's not to say that people shouldn't do it if they really want to, but no, it isn't a test or anything like that, a lot of people just enjoy getting so drunk they are ill or can't remember it the next day.
Hell, a grown woman working at the gym I go to said to a member there in response to him saying he couldn't remember the night before "Well you know you had a good night out when you can't remember it."
It's pretty ingrained in British culture.