It’s not got much to do with the quality of teaching as you point out; it’s largely for signalling purposes.

Apparently there are now would-be students getting into Ivy League colleges with no intention of ever matriculating and paying the vast fees. They simply attach their offer as proof of their intellectual potential/elite group membership to their CV and get a job where they’ll learn far more than they would in four years at an old academic institution (and get paid to do it!).

If you ever wanted proof that the certification is worth more than the experience itself, that must be it.