It doesn't teach you a variety of languages or the language that you hope to work with professionally. It doesn't teach you about version control or how to work with legacy code.
I decided to get a degree because it would make be a better programmer and hopefully that has happened. But it wasn't going to a university that taught me how to get stuff done in a language I like.
For reference: I have been in the programming industry for seven years and only this year will I finish my degree (been studying part time).