Specifically, the average engineer out of either a bootcamp or college is pretty mediocre. But the top 10% of engineers are mostly college graduates and are definitely not bootcampers. This is because the best developers are overwhelmingly passionate about development and have been doing it since high school. If you love programming, you might go to college to get a firmer academic standing. You definitely won't go to a bootcamp—if you've been programming for 5 years, a 3 week bootcamp makes no sense.
On the other hand, when it comes to the bottom tier I suspect bootcampers are a lot better. This is mostly because the bottom tier of CS graduates are atrociously bad. Regrettably, it is possible to graduate with a degree in CS without ever having written a single program by yourself. They slink by mostly through cramming for exams and "collaborating" with peers. My impression is that bootcamps are actually less tolerant of this behavior: you won't make it through a bootcamp without ever programming autonomously.