Short answer: Some fields pretty well require a degree. Generally, a degree is helpful to 'get your foot in the door', especially since you'll likely be competing with someone who has one. Importantly, it is entirely possible to spend more on college than you'll make back at the 'good job' it lands you. Even more importantly, and perhaps unintuitively given what's been hammered into a lot of folks heads, college isn't entirely about the academics.
I agree that college is overrated, or perhaps more accurately, misrepresented. I went for two years because I'd been told that one's life plan should basically be high school -> college -> instant career! That gross oversimplification I probably first heard in grade school is what stuck with me, and I was never dissuaded of the notion. You hear that a lot of people get a degree and then wind up not working in that field. I believe I heard 65% of graduates (from a particular school) working in the field of their major was considered a high mark. I think that's a little bit related to 'go to college whether you want to or not! Major in art appreciation!' Not all degrees are created equal, obviously.
I'm not even going to go into the outrageous costs and how many people are in debt over it.
I did graduate in the top of my high school class (which isn't that impressive as the town's rather podunk), and I actually received a tiny $500 scholarship from the high school as a sort of wink and a nudge. But I had absolutely zero direction. I had a vague notion of being a game designer, but no desire to move out just yet, so I had decided to enter the computer science program at a nearby college (which actually has a somewhat prestigious CS department). I treated it a lot like I treated high school; show up, do the work, go home. I made the Dean's list for three semesters. (I am not attempting to brag here; just stating facts).
I wound up dropping out after the fourth semester because I couldn't deal with professors who spoke absolutely god-awful English and a major group project. (I was also having trouble with Calculus and second guessing whether I really wanted to program for a living). Needless to say, this had a fair bit to do with my own anxiety as well.
The point of this little anecdote is that, basically, you need to have the right attitude for college to really be worth it. I treated it like an extension of high school... which sort of worked, but not really. All that crap about college being a place to 'find yourself' isn't entirely bunk; if you engage it socially and explore your interests rather than declaring a major out of the blue, it can be an all-round growing experience, especially if you're going off to college and not commuting like I did. If you do it right, you'll learn a lot about living independently and networking*.
Which is what I've been told is really important in the job market - experience and networking count the most. Your degree may be a prerequisite or just a nice bonus, but it's often cited as just helping graduates 'get their foot in the door'. There are other ways to do that, if you've got the talent or the gumption. I've also heard a lot of people that waited a few years to go into college say they thought it was a lot better than stumbling in as a doe-eyed 18 year old, so it's not like you must enter college right after high school (and I understand there's a growing number of such 'non-traditional' students).
I suppose a TL;DR version is: college is expensive, not necessarily necessary, and not completely urgent. Don't do it just because it's what you 'should' do, but don't write it off completely, either.
*At least, this is what I'm telling myself; I'm going back to school on the 27th. I'm hoping I've matured enough that I'm not throwing good money after bad.