I'm currently completing a PhD, and that was one of my primary concerns prior to starting. However I've eventually become more at ease with it. For one, I see a new appreciation for PhD level knowledge thanks to Google et. al, who have repopularised the value of having a PhD with their hiring practises. The advent of machine learning has made higher level CS knowledge more valuable again where for a while it was even actively spurned by much of the software industry. At the same time the basic bachelor CS degree is becoming commoditized and its value is decreasing. Partly because of outsourcing, partly because of MOOCs, and partly because it is becoming evident to employers that people without college / university training can be as effective as people with that training.
All up, I'm a lot less worried about this point than I was before I started.