1. Good colleges and universities are unlikely to want to give people what they see as a substandard education, and it isn't clear to me that it would save much money in STEM fields. My son's classes were mostly STEM.
2. Employers are likely to have their own criteria. Unfortunately, when the company gets big enough that it attracts too many applications to handle, it's real easy to take large categories of less promising applications and throw them out. If the employer thinks a college degree is likely to have some slight help, round-filing the applications without degrees is awful tempting. Remember, employers have no obligation to be fair to applicants (except in certain specific ways - no discrimination on grounds of race, religion, etc.), their obligations are to their own efficient operations.
3. I so want someone to come along and find out how colleges and universities are spending their money and why. Inflation-adjusted, my son's college degree was about four times as expensive as mine, and it didn't take four times the resources. I really want to know where the money is going. I know there's reduced state aid, but that comes nowhere near explaining it. I strongly suspect my local university is spending a lot of money that students and faculty get no benefit from.