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There is no point. Just like there's no point for anything. It's arbitrary. Completely.
The pay raise isn't there. The costs associated with getting your Master's isn't in any way reimbursed and the pay difference in salary for
your average teacher in no way makes up for it. Total bullshit.
I could see if if was an administrative job like a Principal or something. But for a teacher? Fuck that.
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My wife has her masters. The difference in her pay from a bachelors to a masters is $4493 per year. The district would offer classes every semester at a couple of the nearby colleges. When she finally declared her major, which is gifted and talented education, she had to pay because the district didn't offer some of those classes for free. Because the college was private it ended up costing us around $8800 out of pocket. We recouped our money after two years.