An ATP is NOT like a PhD. Just because it is the highest qualification, doesn't mean it is the equivalent. The advert is just that, an advert. Most US airlines require a bachelors degree. More than half of all aircraft registered in the word are in the US. More than half of all professional pilots have university degrees. Consider this a de facto requirement.
I hear people rationalize not having a degree all the time. Folks with degrees generally do not regret getting them. A degree is more than a piece of paper. It teaches one necessary skills to prosper, social skills, critical thinking, time management, hustle skills and a host of other non quantifiable assets. Many universities offer flying programs, or as I did, flew while earning my degree. See above for skill set earned.