When I sat the ATPL many moons ago it WAS considered to be the equivelant of a Degree. Gawd knows what the level of knowledge is required now.
I am quite sure that there would be some very unhappy "Un paid Interns" that would have to remain so for 10- 15 years, to get the Opportunity to move to the LHS to become a "Real Pilot"......... It just aint gonna happen.