Dan....WHOA!
We live in a society of credentials. What really matters is knowing what you have to know. However, in this society, we've mocked up a system where our merit is based (in part) on what letters are after our name or what framed papers are hanging on the wall.
There are points I agree with you. College for the sake of college is of questionable value. Some degrees (aviation, management, communications, etc) are of little to no value. Others (engineering, accounting, law, physics, chemistry, etc) are of significant value.
That aside, however, in a society that reveres credentials and certificates, you've got to get some to even be looked at - to be in agreement with the society.
You just have to play the game. Bill Gates (as referred to earlier) went out and created his own world where it didn't matter. He ran the show.
Accordingly, if you want to create an airline yourself, you probably won't need a degree to do it. But if you want to stand out in a sea of stripes, you've got to play the game.
It sucks, but it is the way it is.