I have seen company descriptions in job ads that list college achievements of founders. They are invariably young Asian men. I understand that it's a cultural signifier and don't judge them. But, I also understand that I will never hear back from them because I don't share that background. So, I never apply to any job listing that references college experience of either side, other than wanting a degree in general.
Someone once told me that American work culture used to be based more on intern-ship / apprentice type hiring but now obsess with formal degrees. I wonder how much of this shift in culture is influenced by the Korean, Chinese and Indian immigrants, as a formal education is a prerequisite to compete in these countries' job market? For example, it is quite common in India for employers to ask for our 10th and 12th standard marks / grade (because these are national exams) along with college grades - to apparently gauge "Consistency". Fluctuating performance, a break or dropout years all negatively impact you and can be nerve wracking for many freshers, until they manage to get some work experience. It is somewhat disappointing to see this culture permeate to America too, even though I feel quite conflicted about it - after all, everyone does want to hire the best / most competent / reliable candidate; but the other approach - a vocational kind of training - also has its merits and seems to have served American companies well too. (Zoho in India is experimenting with this kind of hiring in India where they are hiring high-school students, mainly from rural areas, and offering them a work cum study program. They don't get any formal diploma or degree though - https://www.zohoschools.com/ ).