College degrees now have negative value for hiring. A company wanting to hire a reliable and competent worker will avoid college graduates.
Seems like you’re hurting some feelings. I’m a manager in a unique field where people come in with many educational levels. There is little correlation between educational credentials and job performance. A variety of previous jobs and having lived a few different places seems to correlate more with performance.
Also: Any positive or negative effect of a college degree is either amplified or moderated by candidates self-selecting. A candidate who greatly values their college degree will seek out employers who do the same, and vice-versa.