I think college teaches you better understanding of the world and attempts to make more of an adult of you. We don't raise adults here in the states. Look at what we watch what on TV then ask your self, is this really what an educated person would watch?
So, out of high school, sure you can program, do a little math and run a chain up your nose and out your mouth to impress your friends and of course your girl. College at least attempts to let you know that some things are not socially acceptable in the society we bred as the people we call adults. College is worth that little piece of paper if for nothing else than to let you have a more of a responsibility to whom you are.
Yes, there are exceptions for everyone, but you are probably not him/her. So with a better education, your code is better. College gives you a head start into being an adult, with adult insight w/o having to age to get the same results.