I feel this is pretty much the norm everywhere in Europe and Asia. No serious engineering company in Germany even looks at your resume it there's no MSc. degree listed, especially since education is mostly free for everyone so not having a degree is seen as a "you problem", but also it leads to degree inflation, where only PhD or post-docs get taken seriously for some high level positions. I don't remember ever seeing a senior manager/CTO without the "Dr." or even "Prof. Dr." title in the top German engineering companies.

I think mostly the US has the concept of the cowboy self taught engineer who dropped out of college to build a trillion dollar empire in his parents garage.