I don't know where people learn to become superstar ninja programmers, but it ain't CS. The degree is good in the way it keeps their mind active & expanding, and since they're willing to put themselves through 4 years of uni, also helps prove their dedicated and hard working.
I don't know what they spend 4 years learning though, but it isn't anything that's applicable to the job market, or real world applications.
Try to get an engineer job in a decent company without a related degree. Either you have no clue or the people who run the job market have no clue.