I wouldn't keep deterring people from getting a university degree qualification. It's not as meaningless as you are loosely making it out to be. I have told this story before but the last job I was employed at would not of even looked at my portfolio if I didn't have a decent degree to back it up. You could argue a good qualification says more about a person than a good portfolio and further proves the standard you are at which should be seen in tandem with your portfolio. A degree will also show you have learnt and understood the subject matter to a certain degree dependant on overall grade. It also helps you learn your strengths and weaknesses, as so much is covered on a course, not just graphics, but illustration, photography, animation etc etc. Most importantly, you don't pick up the several bad habits most 'self-taught graphic designers' have. There are so many benefits to gaining a degree, I could go on.
A degree stays with you for life. A portfolio keeps changing over time, or at least it should. A degree is based on understanding, skill level, punctuation, hard 'workingness' etc and shows your willingness and determination to to stick at something over a period of time. A portfolio is based on opinion at the end of the day. Both are as important as the other.