Jeff, I don't think you understand what Computer Science really is. There is much more to it than just learning how to program. In fact, in my four years of college I have only had one class whose goal was to teach you how to program. After that course you took a competency exam, and if you failed that, you were out of the program. From that point on professors assumed that we knew how to program, or could teach ourselves. After that all our courses focus on engineering, computational theory, and various other topics that are not programming. Anyone can learn how to program in their free time, but that doesn't mean a whole lot in the end.
Getting a degree in IT is only an acceptable alternative if someone wants to work in IT, which not everyone does. There is a key difference between getting a job as a programmer, and getting a job as a software engineer, and there is also a significant difference in pay as well. An IT degree may get you a job running some company's network, or writing generic business applications all day, but if you want to get into more interesting fields of research you are going to need a more substantial degree. Not only this, but IT from my experience is significantly less technical. Everyone at my college who failed out of the CS program went into IT. They did this only because IT was easier, and all they did was program.
Also, most companies require a person to have a degree in Computer Science, or Software Engineering. If you do not have that degree, they will not finish looking at your resume no matter how many languages you claim to know. While I agree with you that showing that you took the effort to go out and learn languages on your own does look a lot better on a resume, the fact is some companies don't even process all incoming resumes by hand. I know of a few that run all of them through a scanner that checks for certain key phrases, one of which is if you earned a degree. If your resume does not have that on it, your resume will not be seen by a human being. It is unfortunate, but true.