I’d say, that’s always been the case.
But a college degree is proof that you have a certain amount of training and skills. And that tends to open doors for you to gain more skills.
You can compete without it, but you are at a disadvantage until you have a really solid work record.
The purpose of a college education is to train you in how to think.
At least that’s how it used to be.
A college degree is a stand-in for competency testing, which has basically been outlawed due to the litigation-happy nature of society over the last several decades.