I have never read the authors that some have mentioned in here, and I'm not smarter than most people, I don't think. I have a B.S, and am working on an MS largely for my own enrichment, not because I think it'll help me get job prospects.
What got me my current job is my ability to communicate well, and my leadership experience from the .mil.
The degree didn't matter.
I think college is good for two things: occupying your mind and your wallet. Beyond that, real-world experience and the ability to communicate not only clearly but confidently will win every time.
Most students are up a creek, because they don't get genuinely engaged in what they're studying, and as a result they do a total brain dump each semester. In a job interview, that means they're every bit as blithering and thoughtless as they were in high school.
The people who go to college to enrich their minds, and are genuinely engaged in their studies, tend to retain more and spend more time going outside of coursework.
This translates into a thoughtful, intelligent job interview.