The MBA program always has been rich on jargon and short on substance. It always has been overrated.
There was a time where in some schools you had more of a tangible, mathematical approach when they taught economics, accounting, etc as part of the MBA program. Historically, the MBA is a mix of accounting, economics, law, marketing and other subjects. An MBA should understand systems analysis, basic organizational structures, project management etc...
Somewhere along the way this degree has been watered down in so far that they teach the “art” and neglect the “science.” They have added socio, economic, environmental and so called ethical ideas to the curriculum at the expense of learning the more substantive concepts. Some schools punch out MBAs without ever having even taught a single class in the PMBOK.
The MBA is simply like ***MOST*** other education in this nation where the business of education trys to water it down and sell it to as many as possible, on-line, and with contemporary trash science and socio-psycho babble added because some in education feel that makes it “relevant.” The students that come to these schools have changed too! Schools have some fowl and ignorant garbage coming to them that years back would not even have received a high school diploma. In 1961 when my father graduated high school there were no people that graduated with “basic algebra” that can hardly read and not write a single coherent sentence. Today a college spends the first two years teaching what someone should have learned in high school!
Even if you go into the ABET certified engineering programs or hard sciences you'll see a dumbing down and the incorporation of trendy/faddy pseudo scientific trash driven by socio economic theories (i.e. global warming)...
The MBA is no exception nowadays, you guys simply have latched onto that degree as your rallying point in this discussion. In reality this is a far larger macro level issue across our entire education system where various people talk about different manifestations of a problem caused by the moral decay of our society, the business of education and the dysfunction injected by politicians that come in to help after every perceived crisis.