It’s always been a filter. Or rather, a qualifier for white collar jobs. It doesn’t mean there isn’t value obtained in education OR that their value is becoming more diluted as the more of the population obtains a bachelor’s degree. It just means that there are new qualifiers. Examples: specific schools are held in higher regard, requirements for higher education, job experience or portfolio, etc.

The reality is _a lot_ of applicants without any proof like that don't last long and thus wasting lots of company resources (including rehiring). Of course there are many very great folks without a degree and also a lot of idiots with a degree, but I learned to trust that heuristic until a strong signal otherwise pops up.