Indeed, going to school for a degree in a programming related field (Computer Science, Computer Engineering, Software Development; whatever) is also much more likely to leave you with a broad knowledge about topics in the field (different algorithms, things worth considering when developing code/architecture, etc). Yes, you can achieve that same level of knowledge with self-study, but a lot of (most) people won't; because it requires going above and beyond for most self-study "curriculum".

"But if you are normal like most of us", you'll wind up a more well rounded developer with a college education.