I wonder sometimes how many companies over look very qualified individuals because they don't have a framed rag.
I am absolutely sure it happens all the time. I'm sure I have done it. However, most people know the rules of the game we play. If you want to drop out of high school or finish your professional education at high school there are risks.
As I said in the the last college bashing thread, hiring people is a risk decision. Employees are a risk. I have a small consulting company. You will not find any advertising for me. You are unlikely to find anything other then my business registration on the internet. I get work entirely by word of mouth. An employee leaving a bad impression with a customer could end my business. An employee breaking a none disclosure agreement or losing control of some of the proprietary data I use could literally bankrupt me.
A college degree doesn't make you a good person. It doesn't make you competent. However, it is an objective way to show this person went above and beyond what was required and this person completed something difficult. A degree or being in a degree seeking program is on of the first line filters I and many other people use to help manage risk.