It seems to me that a formal CS education is wasted on those who don't have the urge to code in their spare time, and only get into the field for the money.
Also, despite the annoying claims of many that they are "engineers", most people in the field are programmers with title inflation. Actual engineering requires far more attention to detail, and just plain drudgery than we programmers can put up with. You can't automate your job away if you're an actual State Licensed Professional Engineer... lives are on the line.
[Edit/Expand] Would you blindly trust a program an engineer whipped up in his spare time to do all the appropriate checks on a design, instead of requiring him to check the math? Of course not.
Actual Engineering demands far more rigor than programming. Strong agree with the comments of shrimp_emoji
On the other hand, we're free to make build systems, and do whatever we want to make our jobs easier, because lives aren't on the line. [/Edit]
So, no actual state license, no actual need to get a CS degree, why spend the money?
Now, if you're going to be an actual State Licensed Engineer, a formal 4 year degree is worth the money.