It's something important to think about, but I don't think it holds in the case of beginning-of-career resumes. It's not about getting "those jobs", it's about getting admitted to one of the best programs. That's the filter. You're right that subsequent steps flow from that, generally. Though I would argue that there is much more space in CS / programming for the self-taught and self-motivated than there is in most other fields. Most other fields: you don't have the credentials? There's the door. Try being a biologist without a degree in biology!