From a technical perspective - I agree. not everyone can become a good engineer and if one doesn't have a passion for it - he'll never be good at it.
From an indu$trial perspective however things are a little different.
The MBA guys at Nvidia, IBM, Intel, Qualcomm, Samsung etc...have a BIG interest for the market to be flooded with engineers from a simple reason - the more taxi drivers there're, the lower the fare.
An approach I see in many companies I work with - is to have one guru to handle the rocket science and 10 puppets around him to take care of the 16-bit rollover counters with the asynchronous resets - after 128 attempts they get it right.
Now...if according to the MBA guys math it's the most economical approach - then (with all the sorrow in it) that's what the indu$try needs.