I see what your saying Rudey
but in the big scheme of things that applies to your undergraduate degree as well.
Who really uses a large percentage of the knowledge learned undergrad (aside from the medical profession and a few select others). I'll be the first to say that I probably use about 10-15% of what I learned in an undegrad classroom - everything else was learned OTJ. So in essence, an undergrad degree is just as worthless (in the terms you've laid out) but there are tons of jobs that require it anyway.
Same deal with an MBA. Now having an MBA doesn't automatically mean that you will instantly began making fat loot. There is tons of factors that come into play such as where you live, your profession, how competitive the market is, etc.
Its all about going into grad school with realistic expectations and I don't think everyone does. But I wouldn't call it worthless though (depending upon what you plan to use it for).