I'm an interesting case for this discussion. I have a degree (BS in Psychology) and also a certificate from a 9-month program that taught me the useful IT skills of the time (COBOL, MVS, JCL, VSAM, CICS). Which made me more employable? Definitely the latter. Which taught me to think? Definitely the former. The bulk of the skills I learned in my certificate program are (essentially) obsolete, and would be of little value in getting me a job today. The critical thinking skills I learned in college still serve me well today, and the diversity of classes I took make me a well-rounded person.
Would I hire a "graduate" of a program such as Google's as a coder or a sysadmin or a support rep? Very possibly. Would I consider them for a mid-level to senior leadership role a number of years down the line? That depends on the person, of course, but it's a much bigger maybe.