They used to hold a lot of value but eventually the market got flooded with MBA programs of widely varying quality. It became a whole lot easier to get into MBA programs for people who would've never gotten in years/decades earlier, schools were willing to take all comers because it just meant more tuition revenue. Then you had offshoots like executive MBA programs, 3+2 MBA programs, part-time online MBA programs, etc., and everything has gotten completely watered down.
If I were a college student today who had a clear vision of what I wanted to do in business I'd get my BA/BS in business management and then skip the MBA in favor of a concentrated MS in something like finance, accounting, business analytics, engineering management, etc.