You make some good points, Jonathan. I have to admit that my M.Div. is not so much an education as a union card. In the eyes of the "church" I am now qualified to pastor. (BTW, my real theological education came from my undergraduate work at Hardin-Simmons University rather from my M.Div.)
It was not always so. One of the reasons there are so many Baptists in Texas and the South is the bivocational minister, particularly in the days of the expanding frontier following the Civil War. The same man who plowed a field on Saturday would stand on a stump in that field on Sunday and preach the gospel. The denominations that required formal education for the ministers-Presbyterians, Congregationalists, Lutherans, etc.-simply could not meet the demands of the expanding nation. The Methodists dealt with the problem with the circuit-riding minister.
Interestingly enough, in spite of the lack of formal educaiton among the pastors, they were generally doctrinally very sound. The move toward Arminianism did not start until the past 50 years or so when most pastors were and are formally trained. This illustrates the power of the Word of God and the potential danger of the writings of men. Many of those bivocational pastors read nothing but the Bible. Some may have had a few books, but not many. One of the great purposes of the local Baptist assocations in those days was for the older ministers to train the younger ministers. In our eyes this would be a system with a great potential for corruption. But, by the grace of God and the power of his Word, it was not. The corruption came with the formal education.
As stated earlier, the mainline church of nearly all denominations, with the exception of the Pentecostals, have abandoned the poor of our society. I firmly believe God will use bivocational ministers to carry the gospel to those people.