The average undergrad and even masters degree are just that... Degrees.
Unless you're from an Ivy school (and even not always then) it doesn't matter where it came from if it's accredited.
I think it is much more complicated than that.
I've read some studies that suggest that graduating top 10% in your class, at a regionally recognized school (UT, UGA, etc) is as valuable as graduating in the same field in an Ivy league school, when simply comparing starting salaries.
Many people go to more 'prestigious' schools, not for the degree, but for the connections. There is no doubt that Vandy, Harvard, Duke people spread out across the nation and look for their own. Someone getting a law degree from UVA, or a MBA from UNC, or an engineering degree from Georgia Tech will get looks that a similar degrees from Eastern Central State Tech wouldn't, accredited or not.
The bottom line is that if you are going into a specific field that requires a specific degree, where you went and how you did has value. (think engineering, architecture, logistics, etc).
If you're applying for a job that just requires proof of a college education, then it is far less likely to matter if your diploma says "University of Phoenix" or "MTSU."
The fact that many vocations now require a college degree for no good reason except to cull applicants is what is devaluing the degree itself. Everyone is forced into a funnel, prices go up, degrees are offered with no hope of ROI, and people end up believing that a degree is just a degree. When firefighters in some locations require a college degree, and no disrespect to firefighters as I did my time as one, there is a problem.