Amazingly, even if someone does learn Java, Python, and C, he or she is not necessarily able to generalize that knowledge to other languages, or even to larger-scale projects in those languages. For example, I wouldn't want to take someone with a lot of Python experience and a semester's worth of C, and put them on a large-scale firmware project or Linux-kernel-hacking project. There are a lot of ways somebody who thinks they know C could mess up a project like that.
In general I agree with you: a truly smart engineer can pick things up as they go, especially on a longer time frame. However, this isn't always the case. Though my perception is admittedly warped a bit working in startups, where you need people to hit the ground running immediately.