Well, I've got a fATPL and an honours degree in electronics engineering so I'll comment.
University consisted of spending four years trawling round bars and dancefloors in Edinburgh. Occasionally I went along to some lectures and stuff so that some boffin could fill a whiteboard with flute music. The lecture halls weren't in cloud in icing conditions with an engine out, so no pressure there, basically.
I reckon, in my brain anyway, that the volume of academic and operational flying knowledge required for an ATPL is generally equivalent to an ordinary degree in an engineering or science subject. It's all subjective depending on how difficult you reckon these things are...
Unfortunately, public money won't be subsidising flying training as long as the public continue to perceive flying as an elitist occupation, as has been mentioned. Not while it can be used to send carjacking neds on safaris abroad as 'punishment'.
ST