Yes, these people have amazing careers in management and consulting ahead. Is this good for the industry? I doubt it.
For me, the purpose of a CS course is to make people reasonable at programming with an advanced knowledge about the remainder of the field. It's easier to teach a programmer formal CS methods than to teach a formal methods guy to program.
I never had a problem learning programming languages on my own by following examples though.
People go to grad school in other disciplines (sciences, stats, etc.) which can take advantage of computation, for one thing.
Some went into academia and some did other things altogether, I know at least one person who became a tree surgeon and another who is a session musician.