An IQ of 100 is defined as the median IQ level for a population. The range between 90 and 130 covers the whole gamut of human intelligence that's commonly considered normal.
Much of the day-to-day work in IT often doesn't need original thinking but merely skillful application of known methods and patterns, which in turn doesn't require a college education.
Point proven, eh? I'm not talking about these people (though I surmise there are quite a few in these companies as well who don't have that level of intelligence and simply tag along ...) but about the vast majority of IT workers working on some supposedly 'boring' database application.
Google and Apple in particular have been known for hiring highly qualified engineers only to then have them maintain some run-of-the-mill administrative software they're vastly overqualified to work on.
It doesn't, but you still need "higher level" developers to cover security and concurrent/parallel/distributed problems and maybe architecture.
It's not that someone can't also learn that stuff, but exposing a product publicly without some experience in those areas is asking for trouble.
IMO, Software is resisting division of labor and work by collapsing roles into "Full stack devs" or "DevOps Engineers".
In my opinion, full stack and DevOps is the normal, sane way of approaching software development. Artificially dividing up roles into labels such as 'front-end', 'back-end', 'database programmer', 'system administrator' only leads to more silos, less collaboration and sometimes even downright hostility between these roles.
Truth of the matter is that most tech work doesn't involve AI, machine learning, self-driving cars or augmented reality but down-to-earth business applications. Developing those requires abstract thinking, empathy and problem-solving skills but it doesn't necessarily require a college-level IQ.
In fact a high IQ could even be harmful in that situation because apart from getting bored quickly highly intelligent people can display a tendency to overthink problems (which is probably how many notorious enterprise frameworks came about ...).