Speaking as an educator (I teach undergrad-level CS) I would love to be able to not have to give high-stakes assessments: I'd still assign projects and give exams to be able to give students feedback and help both of us understand where they're at, but the whole process would be so much less stressful (on both sides) if the assessment-for-credit came from someone else somewhere else.
(Interestingly, I also am very interested in writing and working out how to fairly score the for-credit assessments; I just don't want them to be part of my class.)
That said, there's a lot that's a little scary about initiatives like this (from a job security standpoint), but I do think that something along these lines is both inevitable and, ultimately, the right direction to go.