There's a need for both kinds of professionals. Don't ask a family doctor to perform surgery, but likewise don't ask a surgeon to treat an ear infection. Your argument has a lot of merit, though. Too many companies rely on generalists exclusively. In my opinion, an ideal "generalist" should be able to tell his/her boss when a subject matter expert is needed, at least on a consulting basis, while the rest of the time doing whatever it is the business needs the other 95% of the time.