You make a great point - the Silicon Valley of today (at least what is covered in the media) is mostly hype based on Wall Street/VC pump and dump bullshit and extremely shaky business models. The stock values are ephemeral and will fall as the bubble deflates. If you look at most startups in the old Silicon Valley, they were nearly ALL created by techies from Stanford/Berkeley/insert prestigious school who had at least a MS. Sun Microsystems, Cisco, all the semiconductor companies (the Silicon!), HP, Adobe, Yahoo, SGI etc. Of the new companies, the ones which have durable business models such as Arista, Google, VMWare, etc. have been created by techies again. Good luck making a virtualization monitor without a freakin' degree. There are a few exceptions to the rule (such as Amazon in Seattle) but even Apple won't have been where it is today without Steve Wozniak. And the world will go on just fine without the Facebooks and LinkedIns but what's going to happen if Intel can't find people to make chips tomorrow? What are you guys going to do? Hire a mechanic without a degree but with 20 years of experience to design your 16nm chip?
It is ludicrous to discount the value of education so severely - especially when it comes to jobs which require technical know-how and a research mindset. Yes, you can probably do your Infy/Cognizant/Wipro jobs without a degree, but are those what ultimately drive the kind of innovation and improvements in the quality of life that have enriched this country in the past fifty years?