Sure, bootcamp grads can write a web application just fine; after all, it's usually only CRUD. But what value are they bringing to an organization? Why would I pay them the same amount as a college graduate who undoubtedly has more total knowledge not only in CS, but in other areas as well? Ideally, a college should expose students to a diverse range of knowledge, each tidbit providing additional value to an organization. If I just wanted an application constructed, I could offshore the job and get it done cheaper.
Yes, a well-run bootcamp might be a better __coding__ education than a computer science degree, but coding is the easy part. There are other valuable skills that aren't being taught (i.e. the ability to communicate clearly, how to do research, how to learn independently) that make an organization strong.
We aren't in the coding business, we're in the building business. Code is simply a means to an end.