It has been said that for a lot of people in college besides drs, pharmacists, engineers, etc. the coursework will not prepare you for a career. I agree with this a lot...you can choose to have a job in your field or you can choose to have a job that has nothing to do with your field.
But here's what a college degree shows an employer:
Your ability to plan for the future.
Your penchant for delayed gratification.
A well rounded person.
A literate person, writing ability.
A person who is able to see things through to the end (i.e. finish a degree).
A person who has priorities, goals.
An above average intelligence.
There's more. And before you get offended, keep in mind: this does not mean that people who did not go to college does not have these skills. Nor does it guarantee that a college graduate has these skills. However, it does make the employment process easier for an employer.
If you're running a reputable company and you need somebody to deal with your money or take clients out to dinner, etc., who would you rather trust. You have guy A that didn't go to college. This could mean that he didn't think it was necessary, he couldn't afford it, he got some girl pregnant, he is a drug addict, he is an alcoholic, etc. There are various reasons. There are a lot of people on this board who didn't go to college, but are intelligent/mature enough that if I had to hire them for a job, I would. However, by only selecting someone with a college degree, you limit your chances of hiring a drug addict or someone who lives a reckless life.
Is it fair? No. Is it elitist? Yes.
But does it make sense why an employer would take someone with a degree over someone without a degree, on the grounds that they want to make sure the person has the right "qualifications"? I'd say so.
People can whine all they want about how it isn't fair or how it shouldnt be this way. I personally advocate an apprentice system that avoids uneeded time/classes. But either way, just because you personally don't feel it is necessary, or people who go to college are chumps, you are still limiting yourself just to hold onto your beliefs. And, if you are in a situation where school is a possibility and you don't take it, that is cutting off your nose to spite your face. You are guaranteeing yourself a harder life IN MOST CASES.