I think it is more of a problem of inflation.

If you get 50 application is easy just to automatically remove the X that don't have a college degree.

Similarly to the way you might have a GPA cut off of some amount but they don't actually care what your degree was in.

In Ireland there are a lot of people who go on to do a Masters because when a large number of people have degrees it makes you more competitive. Anecdotal most my friends will tell you they use neither their undergrad nor masters in work life