this was the case when i finished graduate school as well
30 years ago, a BS was the norm for the sort of position i am in
now our state "requires" only a BS, but without at least a MS, you are not getting hired
another 20 years and it will be all PhDs
that being said, i work in the environmental sciences
and there has been a sort of green revolution that's resulted in buttloads more students and graduates than there are jobs