I bet you this kind of policy would have the exact opposite effect you want it to. Unless your goal was to restrict access to fields to people who already have connections and experience even more. Because this is what happens in a "wild west" market where you can trust no credentials. All that's left is the personal recommendations of people you trust. University grades are a relatively-objective way of "democratizing" the system. You don't need nepotism, you can just work hard. Even if it isn't a perfect system (nothing is of course).

Costs are a problem but that's driven by prestige whoring, not irrationality. The right majors/degrees are still worth the debt.