I've grown rather cynical of corp-speak lately, and I've heard this line before.

Whether said overtly or not, at least nowadays I'd be willing to bet a degree is used as a positive indicator that the candidate is likely in debt, will do anything for a job, and therefore will stick around and put up with almost anything for less wages, because they lack leverage.

They're therefore cheaper to hire than an independent individual that might exercise their freedom to leave if they're not treated with respect.

This might also explain why folks with high level degrees are constantly called "overqualified" and ghosted.