This may be true for America but not for Europe from my experience (Germany specifically). A Master Degree makes a huge difference in payment and job possibilities.
Can confirm. I'm a web developer with 7 years commercial experience now. I don't have a single formal qualification or certificate.
I got into the industry by freelancing for small local businesses to build up a portfolio which I then used to get my foot in the door at a web agency as a full time developer, then just took it from there with that experience.