I have a MBA, my undergrad was Economics. I needed both throughout my career. The college experience is not just about crammimg soon forgotten facts into your brain, or drinking away your brain. I wrestled in college, learned a lot through wrestling, such as there are plenty of guys out there that can kick my azz. It's adult-lite life.
In one of my Economics classes the professor said (early 80s) that as much as anything else a college degree "Signals" to employers and everyone else that you are willing to invest in yourself and you have at least some discipline and long term goal setting skills. Perception.
I never think of college educated people as smarter, maybe in some cases just more well rounded. As the years and decades pass it's what you do, not what you did. Tho many well paying jobs require a college degree.
One example is the Military. No doubt there are thousands of very smart, capable and PROVEN Sergeants. These men and women will never be offered a job as an officer. (Very very rarely???) Yet a 21 year old who drank their way to a 2.1 GPA degree from SouthWest BumFolk State goes to OCS. I know who I would greatly prefer leading me into battle. Who said life is fair?