College degrees demonstrate you can complete a long-term project with disparate, often competing priorities while meeting deadlines and milestones.
10 years ago I had a senior director at a large fortune 50 corporation tell me that because of the dire state of US education, the only way to ensure a candidate could read, write, and do basic math was if they went to college. As someone who now does lots of corporate hiring, it’s only gotten worse. It’s especially bad in technical fields where about half the CS grads I interview can’t even answer basic questions like “What’s an IDE?”