It's true in many parts of the world, and indeed I went through a similar ordeal to have "Software Engineer" in my diploma. However, I find all this does nothing to improve the quality of the talent, and these credentials are useless as a predictor of future performance.

So if software engineering certification is institutionalized worldwide tomorrow, my bet is it won't change a thing in practice. The problem is with the discipline itself, not with what is written on the credentials.