I also have friends who I have mad respect for who are proper engineers and have demonstrated years of diligence in earning that steel ring. But I also have lots of programmer friends who have demonstrated years of diligence without there being any steel ring at the end to save them from programming on a white board every time they apply for a job. I think our way is better for talented but inexperienced young folks just breaking in, but worse for experienced folks whose years of success would have earned them a universally-respected credential in pretty much every other profession.