I know its naive but I find it really hard to understand why people value the piece of paper more than the knowledge. The good news is that you can't cheat as a software developer. Or maybe you can? Depressing thought.
In a small company it's pretty easy to avoid the automatic filters of large companies, the ones that screen out applicants without degrees, or from "wrong" universities, or who have low GPAs. Most of these metrics don't seem to matter in the long run (but they are easy for HR types to apply, so they do).
GPAs and such probably matter in government orgs, or places that are very strict and hierarchical. You probably want to avoid places like these anyway.