"Bridges" are shorthand. There is no shortage of need for new infrastructure. Any kind of construction needs engineers involved to ensure what's being built doesn't collapse from a gust of wind. Apparently, in the US, there seem to be about 1.5 million engineers and 4.5 million software developers. Well, I think in the short term, certifying only 1.5 million "software engineers" would be fine, actually. Note that my argument pertains only to sensitive software. If you want to make software that doesn't pose a danger to its users, you don't need an 'engineer'. This should have the second-order benefit of making PII toxic waste. If you need a real engineering team to process PII, companies that don't need PII will stop scraping every last fucking thing and leaking it. The majority of software in the world doesn't actually need PII to function, they could just be incentivized to stop hoarding it and use a regular "software development" team if they want to deliver cheap and fast.
I also wouldn't specifically associate this with college degrees. In fact I think universities are doing a shockingly bad job of producing functional software developers. But, on the other hand, you don't need a university to produce a good programmer. Software development is possibly the most open, information-available discipline in the world. Self-motivated learners can absolutely become competent on their own. The certification should be merit-based, and provide a clear path to learning the material the certification is based on. Many people will go through the effort to educate themselves and learn the required skills, especially if certified software engineers are in high demand and command a higher salary.
Regarding the penalty-for-failure, as I said, the harm is not as immediately apparent as when people die in a bridge collapse. But leaking sensitive information still leads to people dying, even if the connection is not as direct. Doxxing and blackmail frequently lead to suicide, and there are other damages that could lead to a butterfly effect culminating in a higher death rate, or, even if not death, tangible harm. This leak contained birth certificates, IDs, passports, tax documentation, passwords, all kinds of information that could be used to ruin someone's life with identity fraud. There is also, of course, some software in the world that is directly safety-critical, much of the software used in the health field for instance, which is also currently being written by the lowest bidder in many cases.
Regarding management, they don't need a certification but rather consequences for their actions. Currently the incentive structure is such that management is rewarded for cutting costs and is never punished for harming customers. Fiverr, for instance, should be facing an investigation that threatens to shut down the business given that not only did this happen in the first place, and not only did they ignore it for 40 days, but even after it went public the sensitive files were still accessible for 12+ hours (notably, after they were definitely made aware of it, given reports in this thread of people receiving replies from Fiverr about it). Maybe throw in some criminal liability for the people most responsible for a situation this horrible. Management would tighten up real quick.
I don't agree that this is unimplementable in the real world at all. If anything it's a complete abnormality that software development is the way it is, when most other skilled professions are licensed and regulated.