Before I did my master's, I would have said "yes, bachelor's was a waste" because all it got me was a reasonable-paying job meant for 3-year college graduates. On the other hand, I beat out about a thousand other people because I had the bachelors...
After I did my master's, I realized the bachelors does/did open a lot of doors. With reasonable grades in the third and fourth year, I got into a master's program. With one master's, I'm going for a second, and thinking about doing a third, or a PhD, or changing fields relatively easily - lot of "bachelor" or "bachelor in engineering or related" required job postings out there, and getting into master programs in other fields is easier than doing a 3 or 4 year bachelors to start over.
I'm still at the same job, but that's because I haven't really tried looking. Trying to figure out what to do next...