There is no study that demonstrates anything about a "person".
You can, however, look up demographic data and group it by all kinds of categories, including economic outcomes and where this group of people got thier degree vs some other group of people. Those studies have been done and even done as you describe them with the caveat that they are analizing a group of people and not a "person". Generally, how much you earn will probably be more influenced by where you end up working than where you got your degree. For example, take 1000 Wyoming business school graduates and have half of them start business in Wyoming and half of them start businesses in California...one of those groups will have generated more money than the other even when you normalize for cost of living.
Ultimately, for Wyoming, if you want to come here and get an education in some field and then make a move to an area where your chosen industry is doing well...then you probably aren't hurting yourself by getting your degree at UW. Unfortunately for Wyoming, this doesn't really help the state overall that much as we end up exporting talent and other states get the young professionals that wind up creating familys, revenue streams and tax bases that just aren't possible here.
A university education continues to be one of the biggest predictors of lifetime earnings even while the perception of that value is at an all-time low. That perception harms schools like Wyoming that are not the best of the best disproportionately. When the percieved value of a college education drops, it does not hurt programs that are recognized as nationally excellent. It hurts the rest.