A lack of a degree isn’t proof of anything, good or bad (for most jobs).
But a degree is a positive indicator.
The reality is that when hiring an employee I don’t care how privileged they are. I care about whether they’re going to be a good fit for the position.
There are other things people can use to demonstrate their ability to be a good employee. If someone worked for a company for multiple years and was promoted during that time it’s a good indicator.
If someone is 23 and has worked for 10 different companies, I’m gonna guess they’re flaky.
However, if someone worked for the same company more than once that’s a good sign, because after leaving the company wanted them back.
But, all else being equal, having a degree is better than not for a skilled position, and will usually demand more money.