This is were a lot of guys/gals miss the point.
Your college education gives you more than just some extra knowledge in Marketing -i.e. It shows other qualities that the airline may find attractive, and make you an overall well rounded individual. Maybe they don't want one OR the other, maybe they want the experienced pilot who ALSO has an education. Maybe they don't want only a Chuck Yeager, but someone who also has the higher ed to go with those flying skills. College education and good airmanship can actually be found in the same individual you know...
Somewhat of a skewed analysis too when you associate a college educated pilot exclusively with being a d!&k or unable to fly, it doesn't really work, you got both complete tools and terrible pilots on both sides of the "college" fence.
When I read about an airline requiring a college degree in order to apply, I interpret that they are looking for a pilot to be more than just a good yoke handler and button pusher in their organization, and I understand that, it actually makes sense to me. And yes, it does go side by side with professionalism in my opinion.
With that said, I do agree that it is currently used as a "weeding" technique by many airlines, and at the end of the day, a pilot with a college degree is not a 100% sure bet of a great pilot/employee, but neither is a ten thousand hour pilot who has really only flown 1hr, ten thousand times.
Give the airline a pilot with both the experience and the higher education and odds are better for things to work out well for everybody, IMHO.