Degree vs ATPL
I think having both an ATPL and a degree in Aeronautical engineering I feel somewhat compelled to reply.
Aviation will not return to the "old days" for the forseeable future, why would it, its a simple case of supply and demand. Thats not say however, that we shouldnt strive do do our jobs as professionally as possible and you will be rewarded at what the market deems is a fair rate. Should you happen upon some unique skill set, or have a lucky break maybe you will earn more. However, anyone who started this career with the sole idea of achieving some "status" or making obscene amounts of money must have been misinformed.
With regards to the relative complexities of ATPL vs Degree, they arent the same. To try and compare the 2 is pointless, neither are easy and both require a considerable amount of work. It is only fair to say that they both demonstrate a similar level of learning.