I'm happy I went to college, even though I'm not utilizing my degree. It certainly taught me some valuable lessons about responsibility and time management, especially considering all the fun 'distractions'.
That said, I know my degree has nothing to do with how well I fly an airplane. But if you're Delta and have thousands upon thousands of applicants with degrees, why lower the requirement? Same thing with internal recs, TPIC, only grabbing guys without busts - that sort of thing. There's no reason to lower the bar unless you're having trouble filling interview spots.