This whole thread makes me smile. Some things never change. 30 years ago I remember this being a discussion among peers as to why a degree was important, and why it didn't matter. Valid points and arguments could be made for both sides.

I simply looked at it from a numbers point of view. If 97-98% had at least a bachelor's degree, I didn't want to decrease my chances of getting the interview and job I wanted. It's easier than ever to get a degree online, in person, or a combination of both.

Does my degree make me a better pilot? Probably not. Did it help me get the job, 100% certainly yes!