Some of my friends don't have college degrees at all, and they demonstrably understand computer science fundamentals, algorithm design and software development better than many or even most college graduates.
If we begin with a formal analysis, this sentiment begins with "Is it possible for an individual to learn everything required to be a fully competant software engineer without going to university?"
If you agree this is possible, that there is at least one human being capable of this, then the "special" meaning of engineer becomes limited to title and investment paid in a college education. It no longer is an absolute determination of skillset or intelligence.
There is data in favor of that statement. Google conducted a study that showed an extremely weak correlation between degree and hiring results, at least within its own company. And there are numerous examples of people who have accomplished quite a bit in the realm of legitimate software engineering without a degree.
Actually, I had this conversation with someone in Italy, who said I couldn't put "engineer" on my business card because of some certification or another that was missing. What I did was give him a quick lab tour, with emphasis on the battlebots. It worked.
http://ncees.org/about-ncees/news/ncees-introduces-pe-exam-f...