Because that is absolutely unlikely in the extreme. I've worked with and lead teams of outsourced non-US developers. It very often (not always but much more often) ends unfavorably compared to local-ish remote teams or local in office teams. Language barriers, culture barriers, infrastructure issues (quality of internet/phone, regional software restrictions, export restrictions, contract work vs regular employees, etc....) are too much to over come in the majority of cases.
Software teams are almost always better run with small groups of highly skilled developers that can and want to work closely together. Think special ops vs regular infantry platoon. Outside of FaaNG not many companies are working on projects that require a large number of devs.
Now a days, it's very much true. I've worked for FAANG companies, a number of mid-major sized tech/internet companies, have had a engineering job for 20+ years, been a CTO and co-founded a VC backed company. All without any degree, in fact in the 20+ years in the field I've never once been out of work. Early in my career I was rejected a couple of times for lack of degree but I can't even remember the last time I was asked about a degree. I know a number of other long term successful non-degree engineers also. So unless you have solid data to back that up, I'd agree strongly for it not being bullshit. The only tech field that I can see that argument for is higher level Data Scientists and that's clearly becoming less and less of a requirement also.
Software teams are almost always better run with small groups of highly skilled developers that can and want to work closely together. Think special ops vs regular infantry platoon. Outside of FaaNG not many companies are working on projects that require a large number of devs.