This question is asked frequently and I can summarize the ensuing debate. For any benefit offered by college, or competence that it allegedly demonstrates, it can be said that:
1. college doesn't actually accomplish that in practice, and/or
2. it's not actually important in the real world, and/or
3. the same thing can be achieved faster/cheaper/more effectively through self-education/work experience, and/or
4. it is obviously not worth the staggering investment of time and money.
I rarely see tech job ads that don't qualify the education requirement with "or equivalent experience" so the people doing the hiring seem to feel the same way.