I love it! Artificially constrain the labor supply with licensing. It would be incredibly lucrative for programmers. As a bonus, it would increase the prestige of our profession. Of course it would be a terrible deal for companies and quite bad for the economy.

The fact is that there are many types of applications where a high level of expertise is not needed. Eg. websites for small businesses. The client/end user doesn't care how cleanly architected or efficient or even bug-free the codebase is, and it's a better deal for management to pay some freshly-minted bootcamp grad 50k/yr to hack away than drop 6 times that on a 10xer.