Software has always been a special case because despite some naysayers, it is quite meritocratic compared to other fields. Your degree might boost your ability to get an interview, but in a good technical interview, the good coder without a degree is generally going to stand out from a bad coder even if they have a degree from a prestigious university.
The other side of the parabola are smart kids who worked hard on things they found interesting, which just happened to not be school
The very smart and very hard working are of course the shoe-ins. And then it's either the very smart and lazy or moderately smart and very hard working who are next most likely.
But the moderately smart and moderately hard working just get lost in the crowd.