Having a degree is very important because it shows that one has gone through a perpetual learning under a specific discipline and this is what could be used to identify the specialization of each profession, additionally, we also needed to improve on the aspect of learning skills to help back up our experience both theoretical and practical aspects in other to be able to deliver to the society.
I dont want to disappoint you, but that is not always or in majority cases are not like this as you describe.
Some come to university and chat all the time during lectures, then pass exams with "hope I would get an average result or C- grade at least".
Some come to university with "empty head", sit or are present at lecturers, graduate with "empty head" as well.
Some gain knowledge, but never know where to use them.
Some buy diplomas.
Some graduate, but never work on a profession "they were studying". I have plenty of IRL examples of that.