Hmmm ... well, if I was going to hire, say, a chemist to work in a research lab, I need some way to identify if my candidates have the required skills/knowledge/etc. Now one way to quickly ascertain that is to see if they have a chemistry degree (or master's, PhD, whatever is necessary for the particular role). Possibly practical experience could be enough, also - I know people who have worked up through corporate labs without degrees.

However if someone comes and says "trust me, I've read a lot of papers and watched YouTube videos"... sure, they might know what they need, but how am I going to check? The point of a degree isn't necessarily just to legitimise that knowledge, it's also a stamp that says a trusted entity has confirmed you have those skills and knowledge. I'm not saying it's perfect, but there is a purpose to the whole institution.

One of the most valuable parts of my MA program (probably the most) has been learning directly from faculty. Especially in understanding theory. That's something I just couldn't grasp straight from the writings, even with secondary texts. Plus the historical context that I wouldn't have considered.

Teaching experience has been valuable, in that I've learned that I hate it and that I despise the institution of academia in general. Yes, my dreams have been crushed by its greed, bureaucracy, and emphasis on the status quo, but at least I won't waste 4-6 more years on a PhD.

I love my field. I love writing and research. I like lecturing and being in the classroom. But working within my discipline is like ten percent of my time. The rest is spent on navigating bureaucracy, actual hours spent answering emails, getting shit approved by admin who know nothing about my field, attending pointless meetings, and office politics. And from what I hear it would only get worse. It's so disappointing. As much as I love my discipline, it's not worth it.

Eta: oh, and can't forget the constant demands and criticisms with jack shit in return. Every student and faculty member is demanding every minute of my time, not a single thing is ever good enough, there's never a single ounce of positive feedback. The closest I ever get is an A on a paper with a bunch of criticisms. The grading I do for other people's classes could have over half the class getting D's based on the prof's answer key, but yeah, it's definitely your TAs grading that's the problem. I think that's all they're paying us (less than minimum wage) for. To shoulder all the blame and the busy work with zero recognition or empathy for our workload.