Well, the reality is, other than a few specific professions, most, undoubtedly, learn 99% of their skills, knowledge, know how, etc. from their actual hands on work experience, training, etc. A four year degree in business administration and/or the many other similar walk in the park like degrees, etc. hasn't anywhere near the amount of weight, etc. as the sheer know how, knowledge, etc. gained from being on the job.
Problem for many degree less folks, was being able to get that "foot in the door" without the degree. If the "shift" in this valuation model really produces more steam in the years ahead, this likely will open that door for many, whom, for a plethora of reasons, chose a different path.