University education has lost a lot of its appeal, that's correct, some sort of tragedy of the commons. But that part of "Self-taught people with impressive portfolios " is hilarious, navel gazing to the max. Nobody would deal with a self-taught cardiologist or structural engineer.
IIRC in many jurisdictions you can sit the exam to become a lawyer without having a degree or anything. The degree more acts as a series of preparation classes for the very very difficult process of passing the bar.
In this situation, cheating in mid terms becomes a bit pointless. As long as the final exam is done with strict security (easier for a one off event), the qualification means something.
So maybe that's what we want for cardiologists and structural engineers.