Just seems like a competent GitHub serves the job better, at lower cost...
And frankly, when you have more experience, GitHub is also useless, because your network matters 1000x more than your portfolio.
Agree, though I think the value will depend significantly on the person. For some folks this will be the majority of the value, others it'll be wasted on.
I built my career for 10 years without a degree. It is doable. But having a degree (got it at 32) made life A LOT easier.
The degree is a checkbox for recruiters/HR who are looking to match a job spec before passing you onto the engineering team.