However passing such an exam would probably only be partly correlated to success in the field. Part of this is because exams are imperfect, part because success in the field is not dependent on engineering skill, and part is because the tech field’s success is based on finding/creating/replacing/owning (new) markets rather than pure engineering.
If software is much better than what was there before, even shoddy software engineering will be superior to the existing solutions.
Are those phrases misleading? I don't know. I certainly feel like I worked pretty hard to earn and maintain the certifications I hold, but I can't compare the rigour and level of effort to licensure, because that's not required of me for what I do.
I also know that there are quite a few "certifications" out there that aren't rigorous at all, that are basically multiple-choice exams you can cram for without actually learning anything. I've never bothered going after a CompTIA certification for that reason.
It's a tough problem. On one hand, I despise artificial barriers to entry on principle. On the other hand, being able to understand and trust a person's base level of understanding and competence does have value.
Among many of the people I talk to on a regular basis, if I told them I was a "developer" they would assume that I was a real estate developer.
If I told them I was a "programmer" it would be a little clearer, but before I moved into software I worked in the events industry for a few years, where "programmer" means "one who develops event programming."
In practice, I could append "software" in front of either "programmer" or "developer" to provide that clarity, but "software engineer" seems to be more common, and to me feels like it more adequately covers the totality of my job, which is as much about measuring, planning, and communicating as it is about producing code.