Several folks are missing the point. A college degree, while it certainly rounds you in many ways, is generally a greater test of financial aptitude (or parent's funding) and perseverance than intelligence. What it provides is an entry barrier which prohibits quick fixes to labor shortages, establishes overall minimum intelligence levels (which one could argue the FAA tests probably do as well), and demonstrates an ability to overcome obstacles over an extended period of time. The most important of these to the pilot group is establishing the entry barrier.

Think of the technical/professional vocations that require a degree:
teaching, accounting, legal (both attorney and paralegal), nursing, engineering, physical therapy, pharmacy, economics, finance, chemistry, etc.

Now think of the technical/professional vocations that do not require a degree:
mechanics, IT, marketing, sales, theater, music, art, retail, hotel/motel management, event planning, secretarial, etc.

In almost every case, you can make good or even great money if you excel in any of these fields, but the entry level salary is generally higher with the degree required profession.

It will be argued on here until it happens, but until the day comes when Regional providers can not fix any pilot shortage with 9 months of intensive training, the wages will always be low and there will always be folks standing in line to take the jobs.