LOL, I knew my geology degree would come in handy one day...I got mine right in time for the big oil bust of the '80's and the joke back then was if you had your PhD it stood for 'Pizza Hut Dude' since no jobs.
The value of a college degree - any degree is that it generally shows that you are able to learn, that you are a hard worker, and that you can research and gather information to solve problems. (Naturally, there are a few exceptions, but very few)
As you know, you do not really come out of college prepared to immediately be a productive worker, but a company can be pretty certain that you will be successful, and will pickup what you need to know to do the job. Yes, there are exceptions, but as I hired technical people for my company, It was unusual to have a degreed engineer who wasn't quick to pickup on the job. Some might not have liked the job, and moved on, that also shows intelligence and ability.
Of course, lack of schooling does not in any way imply lazyness or a lack of intelligence. My father had a 8th grade education, but was very intelligent, he lost both parents and had to work to exist.