I'll say I think it shows something to finish college. It isn't a world class achievement, but it does show some ability to follow directions, learn, and continue with something for 4 years. For everyone that drifts through with prodding from their parents, there are hundreds that work hard to complete their degrees.
College teaches you how to learn to learn. It forces you to investigate a wide variety of subjects and learn something about each of them and then repeat what you've learned back under some degree of pressure. That helps somewhat with today's work as we often have to learn new skills or subjects in the work environment for new projects.
I do think a college degree requirement should be waived after you've had 5 or 6 years of work experience. It amounts to the same thing.