Historically university posts were open to people with a BA (e.g. John Wesley and John Newman at Oxford in the 18th and 19th century)
...and if you go further back to the ancient greeks you didn't even need a degree just a school education was enough. This is not surprising. If I look I my own field of physics by the end of my second year undergrad we had pretty much covered state of the art for the 19th century and even covered basic quantum and special relativity from the 20th century.
That it now takes a PhD and post doctoral work to get the same post means that we are training too many.
The point of a PhD and postdoc work is not purely to train people for academic positions. Industry also needs these people. Many of my peers when I was at Fermilab went off to work for Lucent or into finance. Indeed analyzing financial data using the latest techniques from particle physics turned out to be quite lucrative for some of them!