You are describing the early boomer MBAs'. They were permitted to strip mine anywhere that money could be found. Further, the WWII and silent generation were willing to step back and let the, at the time, young generation "drive the car."
In retrospect, everyone can see that it was a mistake.
At this point, MBAs' are not being given, and don't expect, the keys (to keep the metaphor consistent).
As I expect you can surmise, I do indeed have an MBA, so do several other teachers in the Title 1 (education jargon for "poverty") district that I work in. I am not going to say that it is the most common degree among middle school teachers, but I can assure you that it is pretty common here. Considering my deficits, without it I wouldn't have gotten this job. To teach at the high school I went to, in a different district, but also Title 1, it is pretty clear that I would need a doctorate.
The reality is that most of the jobs the early boomers landed in were closed up tight before Gen X came knocking at the door