I’m not saying you’re not right, I just think it’s ridiculous. I've met plenty of people with various degrees (BS, MS, Phd) who are stupid as a rock, and I’ve met plenty without a degree who are well rounded individuals / smart as hell / can get the job done. That’s even outside of tech. In the end it really comes down to the individual.
Also, as an ability metric it’s an outdated one, and personally I would never pass on an employee just because (s)he doesn’t have a degree. Having a degree doesn't even mean someone will make a good employee. Results are infinitely more important than credentials. Most people just can't get stuff done.