It was mandatory at my school, as well. We covered basic orienteering, outdoor winter survival, emergency signalling, and avalanche safety.
If I remember right, it was a one- or two-day field trip we took during middle school. Everyone was excited when it was their class's turn to go. (But who doesn't get excited for a field trip?)
Not as comprehensive as what you'd learn in scouts or taking a professional survival class, but it was a good overview. I still remember a lot of it and find the material useful.
This was in South Lake Tahoe CA, so we were already in the mountains. :) Cost wouldn't have been any worse than any other field trip.
I grew up in Chernivtsi, Ukraine. It's a pretty hilly/mountainous region, so competitive orienteering is huge there. I was never really any good at it myself due to being bad at running and especially cross country running, but I enjoyed weekend trips to participate in competitions anyway.
Along with basic financials, I inclined to agree that'd be a very good add for required classes.