Correlation does not imply causation. That said, I won't say that a degree is worthless. I will say that too often we think of a degree as a bullet point on a resume or a job listing rather than thinking of it as a means to actually learn something.
That is the trick to admissions at elite colleges. They admit people who would succeed regardless. Sure the name brand and the alumni you know helps, but it helps by saving time, you don't need to prove yourself so much. You still need to be you tho'.