But so is the ability to do a job.
Some companies have the resources available to take a fresh grad that knows theory, concepts, and how to learn, and then get them up to speed on how to actually do the job they've been hired for. Some WANT people that only know how to learn and the concepts, so they can teach them how to do it the "X Company Way".
But a whole lot don't. A whole lot of companies need to hire people that can slot into a position and hit the ground running. A whole lot of companies need people that can deliver on the job description.
A strong Computer Science education will probably make you a significantly better programmer in the long run, but if you can't get a job or keep one because you aren't prepared to step in and do the job, it doesn't really matter.