Steve Jobs is definitely an outlier on this, but worth pointing out that Bill Gates and Mark Zuckerberg didn't drop out of "a college", they dropped out of Harvard, an institution with some of the toughest entrance requirements.

I'm far from being a fanboy (and went to a no-name state school), but admittance to Harvard is a high signal of intellect and self-discipline. Paired with lax return policy (you can extend a personal leave pretty much indefinitely) it makes sense when highly disciplined and hyper-productive young students decide to pursue a project they consider a chance of a lifetime.

Moreover, both billg and zuck used their Harvard connections to their advantage, by bringing in Steve Ballmer and Dustin Moskovitz respectively. Dropping out of Podunk State College and HVAC Repair Clinic just doesn't bring those advantages.