I guess you can train an unskilled assemblyline worker in hours. A BS,MS or PHD costs thousands and requires years of effort. A trained skilled machinist should make respectible pay, I agree.
Machining is now done hands off by CAD/CAM. Machinists are obsolete except in small shop work
Detailed ability to deal with a computer is now the required skill.
In most cases, getting any number of undergrad or grad degrees makes you more competitive when looking for a job because of the following:
It demonstrates that you are willing to make all kinds of sacrifices to obey rules that others set for you, no matter how nonsensical or outdated the tasks those rules impose upon you.
That demonstrates you will be a docile worker--that no matter how distasteful or nonsensical the task your employer assigns you, you will comply.
For work in most fields, you only really start to learn how to do the job after you start the job.