I would agree that they are not like the equivalent of a degree. But degrees are very different; they are (well should be) about exercising intellectual muscle by taking established theories and finding holes in them, or questioning their foundation. (I admit, I was the one who did the degree in philosophy)
ATPLs are about understanding and remembering: much more like O or A levels.
But ATPLs are hard work, and I would dip my hat to anyone who has obtained passes in all 14 subjects. (They seem much harder than when I did my O-levels - and physics wasn't one of them)...
Of course, IMHO.