Unless you are in a job that requires competence from the start, like surgeon or rocket scientists, most jobs can be learned in the same length of time that it took to get the degree to get that job.
It’s my understanding that degrees and diplomas became required, because it was ruled discriminatory to use IQ tests.
You are correct.
I was very fortunate that I worked for a large insurance company who was more interested in results then degrees. They brought in a new CIO who wouldn’t promote me because I didn’t have a degree. He did me a favor as the people who were “project managers” were given dates and told to hit or be fired. I ended up getting a bachelor’s degree and and on to a Masters.