It's a money scam. But at the same time, companies don't want to waste money on someone who only has experiance. Both are a big risc for the company. It might be easier to get a job if you have a lot of experiance, but way too many times it's harder to keep the job or advance in the company (this is not a rule though, sometimes it's diferent just look at me, but i'm so very special

).
Imagine a company has a development-department where they hire you and have you build a piece of software for them to use internally by many of the employed personal.
Okej, so you build it and it turns out it's unusable because nobody understands it. Now the company has a few choises but they see $-signs running away from them every damn hour the system is faulty and not used. The choises are, fire you or keep you. They weigh how much knowledge you have in building systems. If you've gone to school you may know a thing or two about human perception, mind, memory and also about design. If you've only got a whole lot of experiance. It usually means you'll be fired because you would take longer than nessesary to "learn" what the personal wants to use (of course this also isn't a rule, but it's easier to get fired in 8 out of 10 cases).
I've been an employer 3 times now since 1998 in 3 diferent companies. Let me tell you that i've fired 5 people. 4 of them came directly from university to work and they where very young. These guys just didn't understand how things work and they didn't understand the relashionships between ppl and systems. 3 of them where programmers and 1 was a designer.
As a system/software/website programmer you are supposed to not only know how to program but also know how to make things easy to interact with. This is something you can learn from experiance but it takes more time to learn that with trial-and-error methods than just reading a good book on it and understanding it.
As a system/program/website designer depending on the job it's good to have a lot of knowledge on how the human brain, mind, perception and memory works. Even culture and computer interaction affects the choises users make sometimes. The interface feedback that the users needs is also something to think about for a designer. All of this can be learnd from experiance. But it's easier to start this type of subjects in a school because it's not easy and not a small subject.
And if you think this is something only programmers or ppl who build something needs and not others you will be very wrong. Because you have use for this type of knowledge everyday.
If you want to learn something about this kind of things right now you should try "Psychology of Everyday Things" i think the book is called. Written by a guy called "Nordman" i think. I don't remember exactly his whole name.