I also don't think a 4 year degree makes or breaks a pilot. However, it's listed as a requirement for the job, so that makes it, well, required. If they want to waive it for 9E guys, then they should remove it as a requirement for everyone.
It's there as a "weed out" to reduce the total number of applicantions, much like SWA's 737 type rating. It's not that hard to get a 4 year degree in this day and age. You can get one in underwater basketweaving on-line. It doesn't HAVE to be aviation. I heard plenty of senior MEM guys grumbling about how they'd never get their dream job at FedEx because they didn't have a degree. When I would suggest actually getting the degree so they might get said dream job, you'd think I slapped them in the face. I didn't have a 4 year when I was hired at 9E. I had one by the 4th year I was there, though. Why? Opens up more options when it comes time to leave.
To me, ASSUMING this is even true, this is purely a way to get guys to vote "yes" on the TA that might otherwise not do so. Like was pointed out above, it's possible that people without a degree might be passed over for an actual job for "more qualified applicants." However, I'm a firm believer that if you don't meet the minimum qualifications for a job, you probably shouldn't be interviewed. I don't see this as any different than someone complaining because they didn't get interviewed because they only had 1500 hours instead of 3000 when 3000 was the published minimum to apply,