Could engineers that cheated their way through college have developed microprocessors? Built bridges and skyscrapers? Achieved space travel?

Perhaps there is value in knowing someone has been able to work in a team setting and complete given tasks.

They certainly could. For instance, many of the still surviving bridges in Europe were built way before university degrees in architecture. I'll consider them cheaters because they didn't even attend a University! ;)

But there is another way to look at it: can all non-cheating students build bridges, design microprocessors or design rockets? I can give you an affirmative no.