The important part of this study isn't that companies are hiring the wrong people - it has been pretty obvious for some time now that people graduating from 'good schools' aren't any better than the rest of us. Rather, as companies turn more and more to analytics to support the hiring process, this will increase the importance of the other side of the equation - the data about individuals being used to feed these analytics. When they stop asking what school people went to (because it's irrelevant) and start asking about actual accomplishments, the need for credentials (and the monopoly over distributing them) suddenly becomes less acute. As I said in some of my talks, in the future the reward for completing courses and programs won't come in the form of badges, certificates and degrees granted by learning institutions, it will come in the form of contracts and job offers issued by prospective employers.
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