If this sort of arrogant and I am afraid to say, ignorant comment is indicative of the sort of person who has a degree and is also the opine of some Degree holders, then, I am glad that I chose the career path I did.
It is typical of some degree holders - generally those who haven't yet seen enough of real engineering to put their university qualification in context. It is, I'm afraid particularly typical of many university engineering lecturers who have never actually worked in engineering - personally I'd sack the lot of them, and not allow anybody to teach Engineering who hasn't at-least 10 years real-world experience.
But, I'm afraid to my mind it is no more arrogant than that of people with a lot of practical experience who considers that means they have nothing to learn from somebody who spent 3+ years of 50+ hours a week studying in a university.
What we need, and sort of have (but not as well as we should by a long way) is a recognition of the mix of practical and academic - and the need for both in anybody trusted out on their own. The debate really shouldn't be about one versus the other, but about how much of each we need in what role. The bottom line is we're all engineers, qualified as such to do a job - and if we get it wrong, aeroplanes start getting broken. That applies equally to your arrogant MEng holder - he may p*** people off, but presumably he can do his job or he'd be out on his ear.
G