Not saying that not having a degree is somehow a more-positive indicator, just that I agree with your sentiment that it's hardly a requirement, and that it's just one signal among many.
FWIW, I have an inclination to believe the reason why node+express+react stacks are so popular among startups (at least in the NY scene) is because all the full stack bootcamps use that stack, so it makes it easier to hire. I also decided to use a similar stack that only used JS for the same reason. I feel as though some aspects of "software development" are closer to to a trade skill. Certainly there are far more complicated directions, and that's where degrees and advanced education are meaningful, but if you just need a simple CRUD app you probably don't need a masters in anything.