Steve Jobs had an acquaintance in college named John Draper (aka "Captain Crunch" in the hacking world) who if I remember right taught Jobs said blue box skills. He possibly represents the endpoint which the OP fears.
I've met him at a couple of raves back in the 1990s back when he was basically wandering around the rave scene. My impression: brilliant guy, but incredibly eccentric.
I don't know much more about him beyond Wiki articles etc., but apparently he has had a bit of a tough time employment wise, due to a combination of his phone fraud convictions and his eccentric personality. This despite his heavy tie-in to early Apple history, and a fairly strong coding resume. Then again, from what I saw, his personality is not the type that would embrace Standard Corporate to begin with, I'm sure. But said personality means he never got rewarded much for what he did. If I remember right, he actually had to crowdfund for some medical issues recently. I think its fair to say at any rate that his talent potential ended up being underutilized.
You are right that it's possible that there are more opportunities for these sort of weirdos, but in order for that to exist, there has to be a space for the small corporation that is more willing to give eccentricity space. One of the dangers of corporate consolidation is exactly this: large corporations are probably more likely to exclude people with mild criminal records because checklists, and they are less likely to give space to people that don't fit into corporate cultures. Consolidation tends to kill innovation; perhaps this is one of the ways.
Likewise, from a university perspective, it won't matter as much if Big University kills off culture that "doesn't fit in" if there are small universities that welcome the eccentric weirdo. However, if only the Big University Degree matters in life, then it's also entirely possible for the eccentric but brilliant weirdos will end up being outside the system. Maybe they will form their own collective and create something new. The alternative is the Draper like scenario where one more just drifts.