Personally, I'm prejudiced against people with college degrees too... the way I see it, if you're spending years in college, you're not a self-motivated go-getter who can learn independantly, you're just another drone who paid a fortune to be spoonfed and can't be trusted to do anything more than go through the motions like he's been taught.
It could also be that a student has taken the time to evaluate the various methods of acquiring knowledge and arrived at the conclusion that university-level training is the student's best choice. There are non-technical skills that are benefits/requirements for an effective IT professional that simply cannot be learned from a manpage, at a bash prompt, or even from the pages of a book. To learn these skills, I think self-teaching is less effective than university or apprenticed training.
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What if the licenses are mutually incompatible? It's reasonable to expect that an act within the terms of one license is outside the terms of another.