It definitely makes more sense if you look at the idea of the "sheepskin effect" where the degree is not a signifier of material mastered, but a signifier that you are a good worker. In that case, what you learn is generally far less important than whether you work well on a team. And a high GPA means you are orderly, methodical and conscientious.
I don't know how many decades ago you were in school, but imagine all those people who were "rigorous" with learning punch cards in 80s in depth, at the expense of getting a wider education...
Also, while software engineering changes frequently, I'm not convinced that computer science is changing rapidly. It's expanding, but it's not as if fundamental computer science concepts are being rendered obsolete.