When you say diminished, are you are talking from a societal point of view?
Prompt Engineering is a fun title in a fast moving and interesting field. Everyone's taking it far too seriously.
I'm going off to become a Clay Engineer, that sounds fun!
I personally think it’s worth reserving certain titles for qualified practitioners. If you want to call yourself a Doctor, Lawyer, or Engineer, I think that should mean something.
In many countries it's more a title associated to education and specific degrees from specific schools than a license to practice some professional organisation could revoke.
While, from my limited knowledge, doctors and lawyers both seem to have some sort of license and controlling body in most, if not all, countries.
There are quite a few jurisdictions where some Engineer title is protected:
https://en.wikipedia.org/wiki/Regulation_and_licensure_in_en...
The UK seems to discriminate on a per discipline basis. Canada apparently is ambiguous, with self-regulating bodies but courts dismissing cases regarding job titles. Germany has one, but only for civil engineers (still according to the wikipedia page).
Still only relying on this wikipedia page, there are on the other hand many countries where although the title is protected, it simply requires one to have studied a certain number of years (Poland), to have completed a specific degree (Brazil, Chile, Germany), or a specific degree in one of a few select higher-education schools (France, Turkey).