In my case, my employer happened to hire people from my particular bootcamp, and had good experiences with those hires. Coming from that bootcamp is what got me in the door, no amount of "projects" would have done the trick. It's very hard to say "I'm legitimate, see all these projects I've done", because unless you can have a very clear timeline of "I did this project two years ago, and I've been diligently learning ever since as noted by this, this, and this project", it's just another person with another github with another project. Absolutely zero reason to bring that person in when you have other applicants with actual backgrounds + a project or two.
All this is to say, I don't think this advice applies nearly as much as people believe it does anymore.
But more populated areas will mean larger talent pools. Unless you're in a tech hub or a fast growing mid-size city, the amount of software jobs might not serve the pool. Credentials will matter more. Practically speaking :)