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.
I always consider networking as one of fundamental factor that bring success, university is really suited to build a solid networking and to get started.
You will find everyone with different set of background and capability. That's where the importance of university comes. As for the degree, it's good to help applying job but after that your experience and skill will determine the success.
It's basically like a ticket and the rest depends on your performance.