“Pilot shortage” isn’t due to using a Bachelors degree as a discriminator for applicants, but a decade-plus of terrible progression and poor cost/benefit economics, combined with the Airline Safety and FAA Extension Act of 2010 (ie. ATP for 121 pilots rule) artificially raising experience requirements and reducing pilot supply.
...which, incidentally, has led to substantially increased compensation at the regional airline segment of the industry...
Does a degree make a better mechanical pilot? No...but as long as applicants with them meet desired qualifications it likely will continue as a requirement or a strong, weighted preference.