That's my point. People are "more well rounded" because of how they chose to react to the opportunities that presented themselves to them in life, not specifically because they went to university.
Although I am sure you are right that they are interested in seeing that candidates can express themselves well in their responses, I'm sure they are also interested in screening out any egotistic attitudes.
I enjoyed my time at uni too. I learned some things, and gained some very valuable and marketable skills, but I definitely do not think that this in any way makes me a better pilot.
... What was this thread about again?