Honestly this is probably worth looking into. Obviously there should be other benchmarks but just having a piece of paper you practically just buy these days is not a good indicator of someone’s skill. When I was going though college I distinctly remember some of our best engineering teachers were the least “educated” but most experienced. Some of our worst came from the PhD education pipeline. In my junior/senior years these BS and MS engineers were being replaced due to their education level. At some point emphasis on a piece of paper needs to be replaced with an actual quantifier or qualifier for a job.
You didn't just buy it either. The taxpayers through their Communist government bought and paid for it.