A big part of the reason why US companies often require college degrees is that the rules regarding what you can ask a potential employee have become so restrictive. Several years ago when my supervisor was screening people for an opening in my group, he wanted me to sit in on the interview. In order to be allowed to do that, I had to take a class on what I could say, ask, or do during the interview. Questions that you could ask about the interviewee's background were heavily restricted.
So, since you're not allowed to ask many of the questions that might actually demonstrate the person's suitability for the job, they require a degree. It's a poor substitute, but the HR types figure it's better than nothing.
But lying about your qualifications is a pretty good bet to get you fired if you're found out.