Of course, Elon says "I don't care about your degree". At the same time both Tesla and Space X are among the biggest employers for high end PhDs in technical fields.
Some time ago, I went a university seminar in economics (don't recall by whom, sadly) and he said something along the lines of "In 1905, 2% of American youths got a college education. In 2015, over 35% of Americans have a college degree, but the figure from 1905 still stands".
Whenever people talk about the American education, they rarely distinguish between a degree from University of California, Berkeley and a degree from Berkeley College. If you go to a top school, pretty much any degree from such a place guarantees employment and success later in life. If you go to a shit school, well, it's an implicit or even explicit scam. There is a small gray zone between "top" and "shit" but it's usually pretty easy to spot the transition.