What are the benefits of graduate level college IT certificates?

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I've seen quite a few jobs (usually contracting positions) that want/require PMP if it's a Project Management position. So I would say at least that certification is a benefit.

I recommend starting a business instead.

The benefit is pretty much what you learn from the program. If you are looking at a graduate certificate, ensure that all or at least most of the courses will apply towards a Master's degree, in case you decide to pursue further. These certificates may benefit some on a resume during the application process if they specifically relate to the position, but can also be used to demonstrate your willingness to go above and beyond what was needed in your current or previous position. You will have to connect the dots for them with that, however.