Formal education vs. real opportunities

In my daily routine as founder and CEO of Mendri, I receive job applications from people who, in many cases, have a higher level of formal education than I do.

Analysts, technicians, advanced engineering students.

And many times I think:

with that level of education, they could be in a really good position.

Then this doubt appears:

Why does a high level of formal education often not guarantee access to good roles?

• Does it depend on personality?
• On confidence or self-esteem?
• On passion for the field?
• On the ability to communicate or "sell yourself"?

Maybe the problem lies in assuming that technical knowledge is enough.

Or in thinking that the education system and the labor market are aligned, when in reality they seem not to be.

I also think that perhaps not all people with high levels of education are oriented toward maximizing their position in the labor market.

Or perhaps the market doesn't necessarily look for those who know the most, but those who "best" fit certain contexts.

What really determines or guarantees access to a good role?