It's not that four years of study guarantees capability, but four years of study does mean far more exposure to far more technology and methodologies than a 12-week bootcamp can offer.

In my experience, boot-camp and self-taught developers have a different set of skills from a CS graduate. The former could well be very effective at lots of development tasks - but I have found that knowledge is often shallow, in that while they may practically know about, say, implementing a web application in Rails, they would struggle with a different toolset.

This is obviously not always the case, and there are many talented self-learners out there, in part because they aren't as lazy as the somewhat more entitled CS graduate. But contrary to the popular trope, I have rarely if ever encountered a CS graduate who can't code.