The lack of a thesis is probably only a problem if you plan going into any kind of research role. Many countries - including the USA - award BEng (or equivalent) degrees without a dissertation - just the UK doesn't. Clearly, it's not got a lot to do with fixing poorly aeroplanes - although doubtless if a LAME decides to do something like an MBA or an MSc in Air Transport Management, they'll have the joys of writing plenty of such things!
Incidentally, there is a Doctor of Engineering qualification (Eng.D), it's highly regarded and takes 4-5 years for an existing engineering graduate. (I'm not an Eng.D, just for the record, plain vanilla CEng who did a PhD later - albeit in Aerospace Engineering. The PhD is a shorter and may even be an easier qualification than the Eng.D, although it didn't feel particularly short or easy to me!).
G