they don't loose out, they minimize their risk by not hiring someone who on the surface seems to know how to code but deep down below does not add a whole lot of value to the team because they lack in depth knowledge on subjects that go beyond coding.
I have 15 years of experience and went back to get a degree in CS. Why, because I realized there is a huge gap in my theoretical knowledge. Everyone nowadays seems so convinced that you can equate watching a couple of youtube videos to getting a 4 year education in a field.
This is a fallacious oversimplification of reality, no one in their right mind would say the same about engineering or medicine or law.
My 2c