I agree with the weaker proposition that the correlation between "having a degree" and quality of engineering is not always clear, and may not be the best (or even most important) factor in determining whether to hire.
However, in my experience generally people who obtain a college degree are more well-rounded than people who don't. A consequence of this is that such people, again in general, tend to be able to think about problems in a more mature, broader, and deeper sense than those who don't "finish" (or complete most of) a degree.
This has nothing to do with whether the software industry is a meritocracy or not, or whether a dress code has anything to do with whether it's a meritocracy or not. My opinion: almost no job in this industry--or any other--is completely, or even mostly, meritocratic.
However, in my experience generally people who obtain a college degree are more well-rounded than people who don't. A consequence of this is that such people, again in general, tend to be able to think about problems in a more mature, broader, and deeper sense than those who don't "finish" (or complete most of) a degree.
This has nothing to do with whether the software industry is a meritocracy or not, or whether a dress code has anything to do with whether it's a meritocracy or not. My opinion: almost no job in this industry--or any other--is completely, or even mostly, meritocratic.