Excellent question. For coders trying to maximize their probability of getting rich enough not to worry about money by the time they are 25 or 30, I'm sure going to college is an awful bet, especially in the US, where college education is expensive. And the more education you get, the worse of a bet it is (I have a PhD from an Ivy League school, BTW, as does pg, I think)
However, some important work and innovation absolutely requires higher education. For example, you are extremely unlikely to learn linear algebra and matrix theory "on the job", while running a startup, or even if you are just relaxing at home with nothing else to do for a few years.
tl;dr: don't go to college, but expect to have your
horizons limited