I wanted a college degree because I see it as hedging my bets. I may not want to work at the boring companies of the world, but if I ever needed that stability I can have it with a college degree. Four years while I can work part-time in my field and the offer of my parents to fund my education made it a no-brainer.

All I'm trying to say is it's never so black and white, and while I don't plan on using the lack of a degree against somebody, I certainly wouldn't call it a red flag either.

I can't speak for all, or even most, universities, but my anecdotal experience is that university education was invaluable. Even in classes that I went in thinking I knew everything and that the class was going to be a waste, I learned stuff. And in speaking with others who haven't had a full CS degree, it's sometimes surprising how much stuff they don't know.