In my field that means "a degree in computer science or equivalent". It's still the path of least resistance for getting through the door. Yes, there are often other routes, but they all involve working harder than everyone else.
Apprenticeships don't really scale for corporate roles, there are too many candidates, and it requires too much investment from employers. College outsources parts of this, it's one last filter to weed out "the weirdos" - the graduates come prepackaged, indebted and pliable, ready to be slotted in and adsorbed by the system.