I can think of a few good options for a graduation gift. Looking for something useful is a good place to start.
If you know your friend’s interests or future plans, you could tailor the gift to fit their next steps. For instance, if they are starting a new job, a nice set of professional accessories, like a leather portfolio or a stylish pen, might be useful. Alternatively, a gift card to their favorite store or a subscription service they enjoy can be thoughtful options, giving them the flexibility to choose what they need or love.
Another idea is to give them something that helps them unwind and relax after their busy college years. Think about a spa gift set, a good book, or a cozy blanket. A nice and memorable treat works wonders too; I like to send flowers and champagne gifts with chocolate and other goodies to celebrate various occasions. Companies like this one can deliver it to your friend's doorstep.
Try not to get too stuck in your own head when choosing a gift. Often, the fact that you bothered to get a gift is as important as the gift itself. It doesn't have to be perfect.