It's Goodhart's law in action.
If having a four year degree becomes just a checkbox, there will be easier and easier ways of getting that checkbox. There will be rent-seeking entities that will facilitate this like degree mills and dubious online programs. It no longer becomes a qualification that the person has gained any skills, but only that they were able to finance paying tens of thousands of dollars to participate in a few discussion threads.
It was only a matter of time for people to realise that requiring degrees for jobs that don't really need them is just cargo-culting.