Passing the ATPL subjects surely is equal to passing a degree in aviation?
Not by a long shot!
ATPL takes about 4 weeks to complete, and consists of 7 multi-choice exams.
Degree takes considerably longer to complete due to the amount of study and research required.
There are 3 exams each semester if doing full-time study, and these are NOT multi-choice.
There are small assignments that are required each week, and there is at least one 2000-2500 word assignment per subject required each semester.
Then, if someone has interest in aviation and in nothing else, and wants a degree, it would be a good thing to have.
I guess I probably do fit into this category.