Not having a degree is like not dressing well for an interview. It's superficial, but people are judged for it. Largely because there are more, percentage-wise, unqualified people without degrees than with degrees.
A person may decide that it's not worth investing 4 years and lots of money for the sake of a degree, but a degree has advantages that should not be ignored.
I look through a lot of resumes for software engineers. I do not check for degrees -- I only look at their experience. I sense that this will become the norm as time goes on, but who knows. If some of the most successful people in the world are college dropouts, I figure a degree probably does not mean a whole lot.
A person may decide that it's not worth investing 4 years and lots of money for the sake of a degree, but a degree has advantages that should not be ignored.