Having dipped in and out of undergraduate and postgraduate teaching for a couple of decades, as well as having a CPL, I wouldn't call any pilot licence "BS".
However, I would argue that an fATPL (CPL + ME + IR) holder could reasonably complete an appropriately constructed BSc level degree in only 2 years of full time study.
And presumably that chunk of well managed high level study, and the personal development that goes with it, that the employers who require a degree are looking for.
In that light, I imagine that someone with a certificate mill awarded McDegree would probably be less highly regarded than someone who is simply honest about not having a degree and shows their personal development in other areas.