I think it's a little more complicated than that. There is a trend that makes it necessary to have advanced degrees to distinguish yourself in some fields, but knowing which fields such a degree has currency in. For our grandparents' generation, getting a high school diploma is what opened doors; for our parents it was a college degree. The problem isn't that a psych degree has no value, but that for people who want to pursue a career in that field, a college-level degree in pysch is insufficient; grad school is necessary.