It seems to me that instead of putting more effort into "sorting through the absolute flood of applications", or perhaps even finding a solution for that problem, HR just ramps the qualification bar even higher disregarding the possibility that higher education is not actually needed, and that talent is not necessarily reflected in any sort of degree. At the same time, it de-values higher education.
You absolutely expect employees having the "best" education, giving 100% and going the extra mile without actually willing to put up the work on hiring talent based on reality.
Ergo: AAA studios are setting up to fail finding talent themselves. Talent without university/college degrees rarely get a chance, so, with enough energy, they start doing stuff by themselves.
I understand that, from economic perspective at least. "Is it worth it?" is a phrase I hear (often also saying myself) a lot when talking about investing time=money in something. I am afraid talent is absolutely worth it, and it's up to the hiring company, not the applicants, to solve that problem.
On the applicants side, especially those who are well aware of their talents, they also think "Is it worth it all? Getting a degree just to be able to apply for positions in big-time companies? I don't think so."
It's a tough line to walk - as a hiring manager I'd love to talk to every promising candidate no matter what education they have, but equally I also wouldn't want to do the job of recruitment where they take weeks just to sort through the absolute flood of applications that we get.