I wanted a college degree because I see it as hedging my bets. I may not want to work at the boring companies of the world, but if I ever needed that stability I can have it with a college degree. Four years while I can work part-time in my field and the offer of my parents to fund my education made it a no-brainer.
All I'm trying to say is it's never so black and white, and while I don't plan on using the lack of a degree against somebody, I certainly wouldn't call it a red flag either.
Hedging isn't the avoidance of risk, it's reasoning what risks are worth taking and hedging against those not worth taking.
Put in other terms, when you have to play cowboy on a production server, you take a backup first to hedge your bets; otherwise you aren't brave, you're just foolish.
I can't speak for all, or even most, universities, but my anecdotal experience is that university education was invaluable. Even in classes that I went in thinking I knew everything and that the class was going to be a waste, I learned stuff. And in speaking with others who haven't had a full CS degree, it's sometimes surprising how much stuff they don't know.
All I'm trying to say is it's never so black and white, and while I don't plan on using the lack of a degree against somebody, I certainly wouldn't call it a red flag either.