This is a fix to a problem we don't have.
There are TONS of highly qualified candidates applying for UPT, many many get turned away every year. The USAF has a retention problem, not a recruiting one. If you read the test details, the officers that make it (O's and E's are starting in the same pipeline at the same time) they will go on to be pilots. The E's that make it go back to their original field (at least as it stands right now). It's just a test case. Either way whether O or E, this "solution" is to a problem we don't have (recruiting and initial pilot training). The holdup is in the RTU's.
Separate issue is whether you need a degree to be a pilot.
Does a degree in underwater basket weaving really help you be a better pilot? After 18 years (and counting) of flying in the USAF, I'd say unequivocally "it depends". The good is that you had to apply yourself to something and see it through. This degree program was gained after (all but a few) parents stopped exerting daily control over their life. Obviously that happens for some young people before college, and a few never get to that point, but most people finish college due to them seeing it through while also juggling freedom, access to alcohol (legally) and a lot of social expansion. If that major is something difficult, all the better because now you can see something through and you know how to study. Both of those things are absolutely critical to make it through UPT. I've been doing this my entire adult life and studying is still a regular part of my day because threats and tactics are constantly changing.
Is there any chance that a college graduate mailed it in and will do poorly at UPT? Yep, happens all the time. I can tell you that I was no where near ready for the studying, commitment or responsibility of flying jets when I was right out of high school. I don't know many people who are.
It wouldn't be all bad if you found that <.000001% of high school graduates that showed the maturity, academic aptitude, social skills, work ethic and desire to tackle a huge undertaking of UPT/follow on pipeline training. That young person would bounce back quickly, perform at high levels, learn faster than older folks and could get to the pinnacle of his/her flying field at an earlier age which would lend itself to staying relevant longer. (honestly I don't see the "staying relevant" argument as much of a factor but I'm trying to be a glass-half-full-guy.
Anyway, two separate issues. Shortening pilot training to push more people through isn't the problem we need to fix - we have no absorption capability. Fix that first and there'd be a lot less push back from current USAF pilots on a test case like this.