It's not about hiring a "better" pilot. It's about drastically reducing the height of the pile of resumes on the Chief pilots desk. In other words, it's a "filter".
When I was interviewing back in the late 80's all the majors required, or "strongly suggested", a 4 year degree. The only one that didn't was USAir.
With the new FAA experience rules coming soon, the 4 year degree "filter" would be one to drop to increase the supply of qualified candidates.
Never really meant a so much a better pilot, what I mean is a person (pilot) with a 4 year is no better than a person (pilot) with out.