I have a GCSE in IT, and a degree in CompSci and... I completely agree. You don't need any of it, relevant experience is worth in the region of 5x-10x for every hiring manager I've known, and for myself.
However, it does cause a bootstrapping problem. Getting that first opportunity can be tough, and there's a good chance that you'll be filtered out at CV vetting time by a recruiter matching keywords and tallying CV content before you even get to a stage of consideration by hiring managers.
And they both have pros and cons. The pros of not doing a degree are mostly fiscal. I'd advise anyone who can afford the overhead of doing a degree to do one still.
tl;dr - lack of education isn't and shouldn't be an obstacle to starting a programming career, but you should still understand what you're up against in the average hiring process and tune your approach accordingly.