A signal, I can agree with that. But isn't that only because someone is unable to signal that (s)he can be a valuable asset in other ways? The type of person to only rely on their degree is probably a person that isn't creative enough to find more effective ways to market themself.

I think education is great and learning new things is massively important in life. I just personally don't believe in the degree fetish that a lot of people have. Just look at the quality of the average graduate in a lot of universities and/or colleges in the US and Europe.

To me, at best, a degree is an inefficient way to differentiate yourself from a group of similar people with similar skills. Maybe not a bad thing if you're at the start of your career. But at worst, it has zero additional value.