The loss is that people equate people with a college education with no experience. Which is totally false.

Experience relies heavily on ones own bias judgement. It can also lead to doing things without understanding them (i.e. writing shit code that works vs. writing good and efficient code) and can lead to nasty habits. Experience is also a slow teacher.

College is advantageous is that you are taught why things are by an experienced individual. You are able to gain a fundamental knowledge base and terminology that can be applied rather than wasting time being taught on-the-job. Plus you are taught things that won't and can't work in your field and why. All a person with experience can tell you is that they won't work and give some superficial reason why. Thus, the experienced person opens a book and has to acquire fundamental knowledge that they could have learn in uni.