That's usually the key point. I have a number of friends without college degrees that do just fine. Their usual modus operandi is to meet someone from the company at a conference, consult for them for a while, and then get hired once the company sees how awesome their work is.
I wish this weren't needed, but hiring managers function under conditions of very low information, and they wade through too many resumes of low quality to avoid filtering it on some criteria. Degrees and GPA are the most easily quantifiable filtering criteria, and so that's what makes it into the filtering software.
I think what's ultimately needed is a way to reveal more information about a candidates' abilities in a very short amount of time. Contract-to-hire works for this, but has the problem that many candidates (and in particular, good candidates) don't have time to devote to a project that may lead to a job. So does tokenadult's persistent suggestion of a work-sample test (and HireArt's implementation), but these both have the problem of being able to cut down an employee's daily duties into a small problem that can be given as a short task. Many of the skills that a really experienced employee brings to the table are only evident on long, hard, extremely challenging problems.
Here's the thing. I don't have a CS degree. I can program financial systems pretty well, but I am not a CPA either. I know enough about these things to have intelligent discussions with accountants and CS experts.
However I engineer frameworks for building accounting systems. I can do this self-employed. Nobody asks me for credentials. People find the software and they come to me for services. I also provide database consulting.
However from time to time I get job offers. During tough times I have inquired about them only to find out that I am "not qualified."
So I am "not qualified" to do a job for which they will pay me less than what folks pay me otherwise, largely because I do not have a piece of paper saying that someone else says I passed some classes. So I don't care, get back to running my own business, and work on growing that.
Excessive credentialism is a problem here. Companies don't know how to recruit, and they expect HR to do the wrong things. Resume-screening by HR is the single biggest problem in employment in the US today.