Qualifications are hard. I just graduated, and now that I'm a CEO I can tell you there's no way I'd hire someone just because they have my degree. At RPI (my school), there are at least as many completely worthless developers as there are diamonds, and they all have one degree.
I agree, I wouldn't hire anyone just because they have my degree either BUT we need some qualifications to fill this gap otherwise the interview process will get more and more unwieldy.
I don't trust qualifications alone.