One of the reasons I don't consider a degree anything of value when evaluating candidates. It might be a baseline or it might be a red herring. Best to just assume a degree and no degree are equal and asses based on practical examples.
I would think a degree would be valuable, if for nothing else, then because it indicates a willingness to put in 4 years of work to achieve a challenging goal. Conscientiousness is the word, I believe. A university degree shows you have some minimum level of conscientiousness.
