To a certain extent this can be true. Our society, however, also suffers from anther problem at the other end of this scale.
This is what I refer to as 'Academic Credentialitis'. This disease is pervasive in our society and needs to be stamped out.
There is no certainty that anyone achieving academic standing in any subject actually makes them good enough at that subject to be 'fail-safe' .
There is a systemic myth that somehow links academic standing with actual skill.
Another question is in the context of the design of academic programs. Programs can only be developed reactively based on social context. This means that any new technology that may be disruptive can only have curriculum developed once it is known. If we look at the top 20 historic developments of technology, that have shaped human history in a disruptive way, the majority of those were non-credential-ed developments.
Consider if you will the rise of the desktop computer. It was **NOT** a degreed professional who designed the first broadly successful consumer P.C..
(Wozniak only finished his engineering degree in 1986.) Even If we only consider the commercial success of the PC from an academic perspective, there were no business academics who predicted or persued the development of a consumer personal computer until after it had already arrived on the business scene from a garage. So, in the context of the computing world that we now live in, academia had little to do with the early development and adoption of the PC technology except to claim it after the fact. In short, if we had all adhered to academic credentials as the basis for the development of this technology, none of us would have it right now. We would all still be using tele-type and reading paper newspapers delivered by hand.
The academic myth has been created as a socio-economic filter to ensure that only those with suitable amounts of cash may achieve status in industry or government. This does not scale well to either skill or aptitude.
It has been suggested that aptitude testing would be a better way to validate skill level rather than degrees. The question is, "who designs the test?". There would be a strong bias to load the content of tests with useless information that only a degreed academic would know in just the same way as requests for proposals are biased toward favoured contractors.
The credential is a problem, not a solution. We need to remove our social addiction to that particular social snake oil and get back to skills assessment instead.