It's also a necessity for jobs in academia, museums or high-end galleries, and the like. Much like other fine arts degrees, it won't make you a better artist, but it will give you exposure (pardon the pun) to ideas and concepts you might not find on your own which would help you to teach others.
Agree and it will also give you an environment where you are also with other creative people on a similar mission and the space, if in the right program, to help you find who you are as a photographer. I grew more in 4 years when working on my B/A both technically and more important visually than at any time of my 25 + year career. And I know I wouldn't be as successful both with my personal work and my professional career if not for the knowledge I received.