When I was in grade school, I was evaluated by people with undergraduate degrees.
When I was in high school, I was evaluated by people with undergraduate degrees, and occasionally by someone with a masters degree.
When I was an undergraduate, I was evaluated by Ph. D. holders and an occasional masters degree holder.
When I was a graduate student, Ph. D’s with impressive research credentials evaluated me.
Now..as a college professor…I am evaluated by those with high school diplomas ….things have come full circle, huh? 🙂
In all honesty, at least my department does “peer classroom visits” at least with non-tenured faculty, and on occasion, with some tenured faculty (the latter is mostly voluntary).