I think this is a great point, because its something I struggle with also. There are plenty of avenues to publish now-a-days (small, overseas, vanity presses, independent), but its a matter of getting your work respected by the people/audience that matters.
Whether or not I pursue a PhD in Hebrew Bible won't be the end of my study. I will still read books and articles, attend talks, and write to some capacity on the subject. But my contribution will be limited without that credential. Not having a PhD does not make us any less "worthy" as human beings, but it does impact our status as academics.