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.
That's if they studied properly at university, or if they attended a good university, as many students fail when entering the workforce.
Having a college degree only adds value when applying for jobs or makes you look more educated in society. While it's certainly worthwhile in some circumstances, it's not the determining factor for success.