The use of universities as a general source of credentials is probably nothing more than inertia from the days when only a select few could attend. There really is no good reason why everyone should get their education from a research institution, especially when they have no intention of going into research.
I suspect that the system is self-destructing right now. The more degrees that universities award, the less it will matter that it came from a university. This will bring about the end of most university education, and hence most universities (because they can't all be doing worthwhile research).
What about qualifications that require specialised equipment or infrastructure? If you need to learn about say chip fabrication or radiology it's not enough to just read about it.
I suppose you could just pay for access to facilities and equipment on demand, but in the case of something like a chemistry lab or x-ray machine the institution granting access has to know your level of competance before they give you access and the easiest way of doing that without checking each time is a structured program.
It could even happen at the universities, if people start attending for classes and programs but not degrees. Some college departments serve multiple masters: a national accreditation organization, which gives the college as a whole accreditation, and some field-specific professional associations which bless the behavior of departments. The professors care primarily about their field-specific status, while the deans worry about the overall stuff. That's part of the reason why you occasionally see a headline that such-and-such univerisity failed to retain accreditation. Often, you can't find a professor willing to take time away from students and research in order to write a report.
After all, they think, if I satisfy the peers in my field, why do I care if I have an acceptable org chart?
I could easily see an employer caring more about getting through a program blessed by a professional organization than about getting an accredited "degree." I actually think this would be a "purification" process for universities.
I suspect that the system is self-destructing right now. The more degrees that universities award, the less it will matter that it came from a university. This will bring about the end of most university education, and hence most universities (because they can't all be doing worthwhile research).