It's hard to boil the ocean.
I think this makes sense for the first release (they're fresh out of YC after all).
Kind of like how TripleByte are focusing on those who can work in SF and recruiting specifically for YC companies.
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Let's set aside the college degree requirement then. Can they succeed if their entire business is based on the idea of actively discriminating against a certain race of people (despite the arguments that its reverse discrimination)? That question isn't rhetorical; I'm not an employment/labor attorney, so I don't know.
Their business is not in hiring, they are a talent agent. Candidates can choose to list themselves with Jopwell or not, and there is no exclusivity so they can list themselves multiple places. It is just an additional source of people for the customer, which is the companies themselves that make hiring decisions.