It's more often than not a prerequisite. I was contacted a few years ago and was told that the position was for people with "BsC" degrees. They lie through the teeth all the time.
Same with Elon Musky, Phd not required but they won't even look at your resume without it.
Obviously FAANG isn't going to pay you six figures if you don't have credentials. That being said, I got my first couple jobs in the industry with nothing more than a GED. My ex-boyfriend built his own hosting company when he was 16 and was making passive income before he left high school. Some doors are closed if you lack a college education, but most paths are still open.
Same with Elon Musky, Phd not required but they won't even look at your resume without it.