The teacher. Teaching/learning was always about the teacher, who knows what and in what order to teach.
You can have the same effects with the same effort as with formalized schooling if you have a private teacher, but how many self-taught developers had them? And then there's this small thing that in formalized schooling you're taught by several people, each for their own discipline. It's hard to come by a tutor that knows seven different fields and it's hard to come by seven tutors for each of the fields.