A good college degree (especially in STEM fields) provide the basic foundation upon which to innovate. Our industries have gone so deep, and we are standing on such giant shoulders, that anyone who is going to take it further must first absorb the century or so of knowledge created so far on the subject. Even in Computer Science, the next innovation is not yet another WhatsApp, it's more along the lines of Counsyl (a dna-sequencing app), where a person without the knowledge-foundation equivalent of a degree simply would never get started with the idea of making such software, leave alone actually building it.
And I say that as a self-taught software engineer. Yes I can probably build the next Snapchat on my own. But even then I recognize the huge gaps in my knowledge due to being self taught, especially low-level stuff like kernels, bits and bytes, and fundemental details of cryptography and security. Not to say anything about the "unknown unknowns" which I certainly have because I never followed a structured path on the subject.
And that's why I'm returning to get a degree now, after spending years in industry and freelancing.