I was doing that too - both hiring people and almost not finishing my CS degree because I was able to find good jobs without the degree. Then I relocated and people started to ask for papers and I was happy I had them.
Now I am hiring people (I am a lead developer at a big company's small developer team), and I am looking for a degree, but would make an exception if someone good appeared at my doorstep. I actually do have a non-degree coder in my team who is good.
However, I have a problem with most self taught IT "engineers": they are not engineers. They do not have the education, they do not have the ASM classes, they do not know what is inside the machine, what was inside the machine 20 years ago and many of them are adorable PHP/JAVA/whatever developers, they have no clue what a proxy is, what a monolithic kernel is or why it is still important to save on bandwidth, even though we do not have 2400 bps modems.
Because of that, I would hire 100 IT college/University dropouts over anyone else with a degree of something non-technical.
There are exceptions though: we have some electric engineers in our IT team (not coders) and they have no clue about the profession (no disrespect for the profession at all, my dad is an electric engineer with a phd ).....
That said: it does bother me, when people call them "software engineer" and "network engineer" without a degree. I am OK with working them, employing them, but a title is a title and you have it when you earned it. (see; I inherited a "knight" title and do not use it because I wasn't the hero who earned it ... so it bugs me when people throw titles around they do not have - inherited or not)...