I agree that, nowadays, a degree is used to filter off applicants - many of who could be brilliant and better than the degree holders!
But companies think that the paper proves something and, of course to some level, it does. But what risk averse corporates forget is that people like Richard Branson (irrespective of what you think of him - just look at his success) was a school drop out.
Many who reach the top are not conventional and do not think like everyone else - Bill Gates droped out of Uni and so on.
But that piece of paper does count these days. I don't think it should but then I'm an old f@rt.