While it's true that a prestigious degree is not strictly necessary for obtaining a good job, in my experience, it helps a lot in getting your resume nearer the top of the stack for those job openings.
Consider tho' that a developer with say Google on their CV has the "prestige" that once would only have been conveyed by a university.
Your degree is largely just a way to break the ice with some companies, hiring manager x went to school y so he knows that you must be as good as him. Simplified greatly obviously (you still have to know your stuff), but networking is hugely important