I have an MBA and I use it, but I don't get the impression airlines are interested. Certainly none are presently rushing to my door. In a recent interview coaching session, the advice was to leave all that stuff off the CV.
I certainly would not do it on the basis that it would get you into a flight deck job. I did mine 8 years ago to get me ahead in my present career, and it worked. Most I know who have done MBAs are to give their careers an extra push, or get out of middle-management jobs. For some, the three letters will mean a doubling of income. I reckon that if you haven't got a new job within 6 months of the MBA, it's a waste of time & money.
Most MBAs teach you to to a high level in a range of subjects, and are not so good at specialisms; I've no idea if any are geared towards the airline world. I think BA used to send their management to one school, but I can't recall which one.