"Computer science programs don't teach the latest frameworks and trends because they're teaching concepts and theory. The implementation is a side effect. That's why so many CS grads have never used Git."

That is correct. End-user utilities like Git are left as an exercise for the student, something that a CS graduate should be able, not only to learn to use in a couple of hours, but understand its inner workings without reverse engineering, and write its own version after.

The reason why Git is not tough in CS classes is that it is considered so trivial that is will be a waste of time (and tuition) to do so.

"In addition, it seems pretty obvious that with 20+ years of industry experience, a reasonably competent 40 year old candidate would be as employable as one with a degree. Who cares about university degrees that far removed from obtaining one anyway?"

It depends on what it will be writing; if it is another website that is just a magazine on HTML sure, no difference. If it is optimizing a compiler in assembler, correcting performance problems on a multiplatform system, or evaluating code for security holes in a sizable institution, then you better have your degree.