Bachelors < Masters < PhD
Which, of course, not not really the case. A PhD in <field> is a specialization in creating novel research in <field>. In terms of actually applying <field>, a Masters ought to be as prestigious or whatever as a PhD. That it isn’t thought of that way seems to indicate, I dunno, maybe we need a new type of super-masters degree (one that gives you a cool title I guess).
Or, this will get me killed by some academics, but let’s just align with with the general public seems to think anyway: make a super-masters degree, give it the Dr title, make it the thing that indicates total mastery of a specific field (which is what the general public’s favorite Doctors, MDs, have, anyway) (to the extent to which a degree can even indicate that sort of thing, which is to say, not really, but it is as good as we’ve got). Then when PhDs can have a new title, Philosopher of <field>, haha.
This is not necessarily bad, as there is a lot of drudge work that needs doing in science. The problem is the pressure to over-promote everything you do. The reality is that very few people, even among PhD's, have the capacity to do really original work. There was a study many years ago on the physics community that found that less than 10% of physicists published even one thing in their career that someone else found worth citing.
But maybe that's a good thing? I can't actually say a reason I think it'd be that terrible except for the profs doing novel research that would lose their some of their student workforce.