What about pursuing a PhD if you aren't planning to stay in academia? Would its lack bar you from industrial R&D positions? Assuming we're talking about a Computer Science/Engineering discipline.
For instance, my team (in a big tech company) has people with very diverse backgrounds. Some tasks require more expertise, but most of the work will fit a generalist profile. Some teams who are more "researchy" have probably more PhDs. I feel doing a PhD gave me more time to learn things, while my current position is more fast paced and I can't afford to spend 2 weeks just learning new things.
Financially, it didn't make sense to do a PhD. It's not even super clear what I learned is helpful now but I'm glad I've had this experience. It gave me a bit more perspective and culture of the field. I don't regret doing it. However, I regret going into academia. Being a professor didn't suit me for many reasons. I'm happier in industry.
Even academia is willing to look past a lack of a degree for the right person -- my ex-wife's PhD advisor's advisor didn't have a PhD himself (but did foundational work in the field).
These seems like more than a generation ago. Things were very different back then. I think now attaining a PhD (or enrolling in one) is the first step towards even starting out in foundational research. Academia today seems to be more about restricting access to the Ivory tower, rather than democratizing it.