The certification is more than just "an expensive piece of paper". In some jurisdictions (Canada), an engineering accreditation board has to certify that the courses taught during the course of obtaining an engineering degree contain certain material - thus enforcing a standard across all degrees, regardless of the university/institution.

Without this, it's arguable that having an "engineering degree" (in a certain discipline, say software eng) from one university would not all be comparable to having one from another institution - thus decreasing the overall quality of the industry. I'm not saying having the standard solves all these sort of problems, but I am saying that it makes things better.