Hell, I'm a software developer and don't even have a CS degree. Did I feel like the bar was higher for me than it may have been if I did have one? Sure, but I was still able to overcome it. Granted I'm not in an environment like the Valley (out of choice as much as anything), but I am an actual, real software dev.
On the other hand, in my past life I was a lawyer. I worked my ass off in high school to get into a top journalism school, worked hard in college and studied my ass off for the LSAT to get into a top-20 law school, and that STILL wasn't enough for me to get anywhere close to a high powered legal job.
The worlds are very much different. I obviously prefer the more merit-based environment that's still found in tech, where "can you do the job" still trumps most things. But things are much much different in other environments.