Bad for the people who wasted time and money getting the degree, good for the people who can pay lower wages now that supply is so far ahead of demand (at least at the entry level)
Considering the glut of employees, the minimum hiring bar for entry level is now a masters degree. Why? Because you have a nearly unlimited number of people that can code well, are young and have a masters degree. The person without the degrees is getting their application tossed into the bin at the entry level. There is no reason to consider them (Note, I do not agree with this, but this is the reality). This is very much a situation you can have your cake, and eat it too.
The majority of degree requirements are lazy gatekeeping.