I came here to say the same thing (even worded the same way in my head).
Why are people so fixated on college degrees -- even if they've already built a profitable company from scratch? Is it to prove something? If so, what?
A great many people rely on social proof if there is any when deciding to trust someone rather than taking the time to find out for themselves. In fact, we all probably do that to some degree. You can't have firsthand knowledge of everything.
Not so much any longer but the old tricks of the trade of life from 1-2 generations back keep living on. It'll take some time to change.