While I would always suggest that somebody get a non-aviation degree if they're going to pursue a career as a professional pilot (I didn't...), I wouldn't go so far as to say that an aviation degree is worth any less outside of aviation than an information systems degree is worth outside of the information systems field.
This is one of the things that makes a 4-year degree different from vocational training. No matter what your degree is in, you have general education courses that attempt to make you a more diverse person, with skills outside of piloting (or IT, or cosmetology, or law enforcement). Theoretically, someone that has a 4-year degree in aviation has the exact same training and surely the same technical certifications than someone that recieves their training at an FBO (I did all of my flight training at Part 61 FBOs, and I think my flight training was surperior to my peers at university...), but the university student has been exposed, and demonstrated at least a basic competency in the humanities, arts, sciences, management, etc.
I think I made a fairly decent choice by majoring in Aerospace, with an emphasis in flight dispatching. In addition to a 4-year degree, I will have a dispatcher's license, which will make me more marketable should I lose my ability to maintain flight status.
Do I think it's worthless? I'll say this. A 4year degree in aviation is worth the EXACT SAME THING in the medicine as it is in law enforcement. And they're all better than nothing!!!