For things like medicine, professional engineering, legal, etc... I care that those degrees are from accredited programs, but not CS. What I do care about is that the school itself is accredited and legally allowed to confer degrees.
For what it's worth: CalTech does have ABET accredited programs in Chemical, Mechanical, and Electrical engineering. So, they must not feel that ABET accreditation offers much for a CS program.
> Why would I care about ABET accreditation for a CS program? I'm not sure why someone would care (some people do though). ABET does not offer accreditation to history departments (now there's a controversial idea). I found the fact that these institutions do not have them as an interesting curiosity.
Source: www.caltech.edu