The point in this case is to satisfy the state's requirements. The value? (Whatever the state says it is) + (increase in earnings) - (bureaucratic overhead)

In this case you can create a school with whatever name you want. You can give yourself A's and go to college. You can make your editor of the paper.

From your private school you can setup a coop opportunity for yourself.

Get student discounts. Get school/educator discounts.

What can't you do as a private school with no state requirements?

Subversion of the credentialing system.

What's the point and value of a credential obtained elsewhere that you could have awarded yourself?

Gets you out of child jail.