That's right, which is why your intelligence matters, not your ability to get a degree. My train of thought:
Getting a degree is, in some ways, just a paper-based badge that says you've been through three to five years of additional schooling, and as such it is likely that you've learned a little bit more than someone who hasn't.
Getting an honours is like saying I know my shit enough and am committed enough to write a boring essay on it.
Getting a masters is like saying I've learned a little bit more than someone that has a Bachelor degree.
Getting a doctorate means I've spent enough time on this to be considered an expert, so gimme bank.
Once you've got your first job, its your skill, intelligence and ability that get you anywhere. The paper, and your ability to sell yourself, get you the first job.