I work with a few software engineers who do not have CS degrees - they have extensive industry experience and are fantastic to work with.
At the same time, I do a lot of SDE1 level hiring and have found that while there are good bootcamp grads, it is just so much more work to sort through / screen the bootcamp grads. Some of them have been some of the worst interviews I've ever conducted (no idea what a class is), my guess is due to the variation in quality of bootcamp.
In the end I'd (selfishly) rather have my fresh grad pipeline coming through college rather than bootcamp just because I'll be able to get someone more quickly and with less effort. Not that there aren't good people out of both pipelines.
You have to be really careful with bringing a sudden influx of high-paying workers into an area that does not already have that kind of income distribution (generally speaking, COL on the coasts is higher than that in the heartland). If you don't increase housing supply enough, you can price out a lot of the current residents and things can go downhill quick.