I'll probably just end up going over what other people have already said here, but I'll do so anyway.
Media Studies, and in fact any media related degree, is a fairly new area of study. In the past, there wasn't enough of it, or enough depth within it, to make such study worthwhile. In fact, the only 'media' which people could go deep enough into studying was literature - hence English.
With names such as 'media' and 'TV' or 'Film' in the title, it's bound to receive some criticism by those who don't know anything/much about it. I'm sure the same would happen if Maths had never existed until now, and was then brought in under the name 'Number Studies' - something that's general, and gives nothing away to those who can't be bothered doing their research before forming their opinions.
Similarly, the opinions are influenced by those who take the subject. Something like physics truly only attracts people with an interest in that subject, but of course, Media Studies is going to get the interest of those who want to just slack off. Admittedly, they'll fall down as soon as they realise what they've let themselves in for, but the mere fact that they showed interest in it, expecting it to be easy, allows people to form an opinion about the 'media type'. There are certain uninterested individuals who cause everyone else to receive prejudice.
The fact is, there are more and more degrees being introduced nowadays - new things, that have only just become worthy of degree level study, or degrees which are a less broad version of something that's been around for years. For some elitists, this is a scary thing - many will argue that it somehow 'decreases the value' of their own degrees; they'd rather have a few educated people who class themselves as 'better' than everyone else, than have a stronger and better educated country overall, where others are on a par with them.
It's Media Studies now, but in ten years' time, it'll be whatever new degree has been introduced.