The arrogance of educated workers isn't anything particularly new however it is something that seems to drift from field to field along with educational trends.
A couple of years ago I read an article on how something like over 60% of CEO's would not hire anyone with an MBA on account of how disastrous former employees had been. At the time, and as a generality (no I'm not talking about you, Mr. MBA who happens to read slashdot) MBA graduates tended to assume that because of their diploma, they knew how to run a department or company better than people without the equivalence in education, but many years of experience.
Now this trend is starting to apply to programmers. They expect that with their degrees and certifications, they will be better workers, and thus given better opportunities than people many years their senior. Now I'm not saying we are all supposed to LIKE Bill Gates, or anything, but his high school diploma has certainly gotten him far. No amount of education will ever replace work experience. Learning new or even old out-dated languages is part of any intense IT job, and only with experience will you be good at troubleshooting and reverse engineering the kind of poorly documented stuff that you will be expected to do.
Personally, I have the same level of education as Bill Gates and have dropped out of college twice, but that hasn't prevented glamourous opportunities from coming my way. On account of my skill, experience, and knowledge of my companies products, I've been flown to Edmonton (okay... it's really not THAT glamourous), while some of my colleagues have been to Vancouver several times.
Now I'm not saying higher education won't get me farther in life, but not having higher education has certainly not prevented hard work and experience from contributing to an interesting career. Any college graduate should know that your education will get you nowhere without hard work and level headedness, and that an inflated ego will only hold you back.
I don't think it's necessarily fair to entirely blame the baby-boomers for this scourge of arrogant graduates, but as a trend, I certainly suspect they didn't help. The boomers did grow up in a time where education guaranteed a more exciting career and life. Then 'everybody' went to school and we wound up with Generation X. You'd somehow hope that this younger generation (of which I am pretty much a part) would have caught on. Let's just blame videogames and short-attention span TV instead.