The danger is that it is only those fortunate to be formally trained in this field, are the only ones who will be expected to make a valuable contribution or the only ones to have their music listened to when they do
I don't recall Eliza Carthy or Kate Rusby having university degrees in folk music. What they've got is a lot of practical experience and a stack of talent.
FWIW, it's not necessary to have a degree in other "formalised" fields such as classical music and acting either. It'd certainly make things easier, but that's mainly by becoming part of a community that gives you connections to know who to talk to. But there's plenty of actors who never went to RADA and plenty of classical musicians who never went to RCM. If you've got talent *and* you're keen enough and/or lucky enough to find the right people to get you going, you're likely to get somewhere without a degree. If you've not got the talent, all the letters in the world after your name won't help you.