Who says that formal credentials are not liked? I value the hard work I had to put in, to finish my degree. I can often see how I took valuable lessons from it, which others are lacking.

Furthermore I do see a difference between being a person who knows how to write code and being a software engineer. The former can easily be achieved without any formal education, but the latter is more difficult to achieve without formal education. There is lots of stuff not learned in a coding bootcamp and it will take time to close the gap.

I do not think one can generalize like that and claim, that we all do not like formal credentials. I wish formal credentials worked differently though. Not through some university institution, which might or might not teach us important things, but maybe more practical and hands on, more projects, where actual work is done and we all get more opportunity to learn from thise experiences.