I still think you can do well with a bachelors, but if two pretty equal candidates apply and one has a masters, it is pretty natural to go for the more educated person for the same price. If you look at the statistics of education in the US there still isn't a lot of people with bachelors, let alone masters degrees. Maybe in the future this will be an issue, but right now it is nascent.
As for colleges moving away from the pure education theme, I tend to disagree. Colleges used to be only for the rich or elite. Those individuals are not interested in making money, but in pure education. Once you have people going to college to advance in life you need to teach them a skill. Philosophy is wonderful, but it isn't an in demand career. Some people can seek knowledge and some just need to be practical. Either way the internet makes the quest for knowledge incredibly easy.