Many if not most of the responses here posit that the degree requirement, even if not directly related to the job, is a cheap, if crude, way to filter out a deluge of job applicants.
If there is such a shortage of STEM workers that it is necessary to import so many that Silicon Valley has become majority Asian in less than a generation, it is rather difficult to justify such crude measures.
In reality, what is going on is that capturing positive network externalities has increasingly been the VC business model -- not invention. This creates monopoly profits that insulates management from bad hiring decisions. Rather than letting those bad decisions go to waste, Asian cultures, which can smell economic rent 10,000 miles away, ramped up their diploma mills (a diploma being the equivalent of a taxi cab medallion in terms of rent seeking), targeted the network effect monopolies, targeted the hiring authority of those companies, imported their "degreed" coethnics in huge numbers under the H-1b program, and focused more and more of the VC world on the rent-seeking network effect business model. The "guest workers" are then on a green card track which, when obtained, raises their value in the dowry market by tens of thousands of dollars. Everyone wins, except Western civilization and the folks that built it.