There's some comparisons that could me made to the level of education needed to live comfortably now vice 40/50 years ago, but from a devil's advocate point of view, I'd have to say things now are the same as 40 years ago. No degree then versus now. . .you make less money. . .significantly less.
Now, in the aviation industry, I could only speculate when I say experience mattered moreso than education, but to be honest, seems as if way back when, didn't most aviators come from the military? If so, those individuals were college grads.
You didn't point out B.A. degrees which I would concur might make you more competitive when someone not degreed. Those B.S. in engineering, math, and the sciences however. . .a high school grad can never compete. Firstly, they wouldn't meet the minimum qualifications for entering the job to even prove they could perform.
In the IT arena, there has been a level playing field regarding degreed/nondegreed players, but even now, a degreed person is far more competitive than a nondegreed person "with the same experience."
Seems as if, generally speaking a bachelor's degree still has you farther ahead than not having one.