But first, let me get this out of the way: it is absolutely true that most people want CS degrees in order to get jobs that you could do equally well with a 2 year associate's degree in Information Technology, and even better with a high school diploma and a bunch of experience.
HOWEVER, the students are probably better off on the job market with 4 year CS degrees. Looking at things from the perspective of a potential employer, there are two reasons the CS degree has a leg up:
1) All else being equal, <a href="http://en.wikipedia.org/wiki/General_intelligence_factor">the student capable of learning Calculus is probably more competent at everything else as well<a>. It's far from a guarantee, but on average, this will be true. The CS degree is valuable precisely <b>because</b> many people can't do calculus.
2) The 4 year CS graduate is, on average, from a more privileged background, or, if they're not from a privileged background, they've got an honorary promotion into the privileged class and 4 years in College will teach you how children of privilege (or, "entitled little shits" as we are popularly known) are supposed to behave. The people doing the hiring are, almost without exception, entitled little shits themselves who would rather hire their own kind. More sophisticated types will dress this up as item #1 above.
You see a very similar dichotomy in medical school admissions, with regards to organic chemistry. In theory, there are a number of situations in which an MD might benefit from knowing ochem, but realistically, it isn't going to come up. Furthermore, ochem is taught as if all of the undergrad biochemistry majors were going to move on to careers in basic research. That said, would the colleges be doing their students a service in dumbing down their ochem curriculum? No, they would not, because the medical schools want students who can pass ochem, for basically the same reason.
Medical Schools are in a position to be very selective in their admissions. Therefore, they can require (and they do) those students who can pass the ochem courses which are designed to prepare a student for a career in original basic research. This means that ochem is a hoop-to-jump-through for most of the students who would take it. This doesn't mean <b>any</b> of the students would be better served by dumbing it down! If you did, the medical schools would demand upper division molecular biology, which would then fill up with premed students, who don't need the subject material and are just looking for the certification that they are elite; this is happening to some extent already.
Likewise, really good programming jobs are scarce, so employers are in a position to demand candidates who <b>can</b> do calculus even for jobs that don't need it. Associates degrees (and more) in Information Technology and variants thereof already exist. But people with professional aspirations get CS degrees instead precisely <b>because</b> they are more exclusive and difficult. If you dumb down the CS curricula (or if community colleges start offering CS degrees), employers start to demand master's degrees; this is happening to some extent already.