In your Latin example, I agree.

But as I'm sure you know, college is about more than just the diploma. It exposes you to new ideas, new ways of thinking, hopefully problem-solving, and you get a broad exposure to different fields so you at least have a clue about them (e.g. sociology...not my major, but it revealed things I had never thought of before). I'm not saying that is always necessary for the type of managerial job you had in mind, but a more well-rounded person is easier to deal with than someone who hasn't been exposed to anything except their tiny little world. I suspect that is at least part of the reason behind preferring university grads. Not just the diploma, but the journey to the diploma.

Just like getting a PhD usually just means you know how to do research. Many/most PhDs don't get a job in their field of emphasis. I was a gamma ray astrophysicist. I ended up in semiconductor failure analysis. They hired me for my physics knowledge, and ability to learn. Not because they were interested in MRK421 (a source I participated in identifying).