Faking: I don't really think so. It took me a while to flesh out the "stories" about my past jobs to the liking of employers, but even though, I don't think I am faking it. Rather, it means to realize that one has indeed done the one or other thing that was interesting, even if at the time it was just a job. And also, in the sense of "faking", to realize that even not so special things are not so bad after all, because all other things are not so special, either.
As for hiring people without degrees, I must admit that I also have a certain sympathy for people who might be thinking to themselves "I toiled through years of university and startup hardships to get to the position where I am now, and now I am supposed to just hand the same thing to this hotshot on a plate?". Maybe it sucks a little, or employers miss out that way, on the other hand, a certain test of determination might be helpful at times, too.
"Rather, it means to realize that one has indeed done the one or other thing that was interesting, even if at the time it was just a job."
This is exactly my experience, too. It's hard to "play up" what I've done, because once I've done it, it seems like anyone could pick it up right away; things I've done are obvious to me, so it's hard to figure out what to say about them. Actually, the same thing applies to commenting and documentation: once you know enough to write comments, it can be hard to figure out what to write to speed understanding when you or someone else next looks at it.
As for hiring people without degrees, I must admit that I also have a certain sympathy for people who might be thinking to themselves "I toiled through years of university and startup hardships to get to the position where I am now, and now I am supposed to just hand the same thing to this hotshot on a plate?". Maybe it sucks a little, or employers miss out that way, on the other hand, a certain test of determination might be helpful at times, too.