At a consultancy, credentials you can market when "selling" your consultants is part of the job. Depending on the field, a certain level of accredited knowledge (i.e., from a degree, or certification perhaps) is part of how the bill-rate is justified for employees at given levels.

We don't have an education lock on certain roles/levels at the company I work for, but we do have roles at certain levels that require a given certification no matter how proficient one is in the specified tech. This isn't a small-brain move that misses the forest of knowledge for the trees of credentials, but a recognition that it will be more challenging to staff that employee at a given level without it.