I think some people here miss out on the what a college degree does or means.
A college degree is like a guarantee, not a warranty. There is a big difference.
A guarantee implies something meets certain standards or in the case of a college degree, successfully passed some courses in that specific field. Typically with a warranty, a time period is expressed. That is not the case when reviewing a college degree.
In the case of a company, it may advertise that it meets ISO-9000 standards. It doesn't mean the products are any better. But if all other things are equal, a purchasing agent buys from a certified company. It's a safer bet.
The same with a person with a college degree. Whatever you think, the person is typically offered a higher salary since it is the safer bet.
Rub a Dub