It doesn't have those implications at all. I'm not sure if you live under a rock, but Google values education very highly. The error in your logic is believing that a lack of a degree is a lack of an education. A degree is the obvious way to get an education, but not the only way.
In many professions this isn't feasible, but development? Everything is online. That doesn't mean universities don't provide value. If you were expecting that they would provide exclusive value, as if they have some kind of monopoly on knowledge, and no one could possibly learn the same material in a self-directed way, your expectations need some adjusting.
In many professions this isn't feasible, but development? Everything is online. That doesn't mean universities don't provide value. If you were expecting that they would provide exclusive value, as if they have some kind of monopoly on knowledge, and no one could possibly learn the same material in a self-directed way, your expectations need some adjusting.