its not, and up until recently (~2 years or so), the majority of our graduates were instantly picked up.
I feel a lot of hiring reflects that as well now - if I want a SWE to build a runtime agent I'm better off hiring a new grad from UC Berkeley who took CS162 and CS161 versus someone who took a summary course but doesn't understand how ld_preload works. Similarly, if I was doing AppSec for WebApps/OWASP I'd rather hire someone with an actual bounty track record on HackerOne instead of a bootcamp grad and potentially even a degree holder.
My best hiring pipeline have either been Vets who were in a Cyber MOS with a couple years of hands-on experience and then did a WGU type program (the WGU program was just a checkbox for HR) or successful bounty hunters with a strong track record on HackerOne or Cobalt.
we understand the importance of meeting the employers where they are at, so once a year we meet with ~15 industry partners (people in your position) and ask them directly questions like: "of your recent hires, what are they missing?", "what specific skills do you think needs more focus?", etc. that informs any changes we make for the following year. we have dropped entire courses and spun up new ones solely from industry input.
we also understand the importance of hands-on experience. it is probably the most common feedback we get from people in your position. we have a giant lab so kids get experience wiring up and configuring real physical appliances instead of doing it all in packet tracer or whatever. we have a bug bounty club, we attend and host hackathons, etc. courses are split roughly 50/50 between theory classes and practical classes. practical courses are mostly focused on "fix this shitty/vulnerable implementation of X" or "here is an existing environment, propose and then implement something that addresses X problem in the least-disruptive way" rather than "here is a fresh start, implement X in this perfect environment".
i dont want to give too much detail (e.g. course names and progression), as i would probably end up doxxing myself. but as someone who started off in the industry and then moved to a teaching position later in life, i am 100% with you. people who have real experience (e.g. a vet with cyber experience) are almost always going to be a better hire than a fresh graduate (i think this is true in any industry, and has always been true -- so it doesnt explain the change). but my job is to try and close that gap, and i think we have made good progress along that path. we are absolutely not a 6 month money-grab program.