Yves Simon wrote,
Recognition of academic competence can be earned through reputed social networks.
While we have been critical of the academy to be fair to the university as institution, we must remember that many confer the the degree of Doctorate honoris causa. This is a good example where universities actually recognise the contributions and scholarship of individuals and award the highest qualification without traditional prerequisite degree requirements. Recipients of an honorary doctorate may use the degree in the same way as a substantive degree (except in some cases where the formal academic background would be a necessary requirement.)
The blessing in disguise is that no-one is forced to get a university of college degree.
Furthermore, the university is one of only a few institutions which welcomes and respects critical discourse from is paid staff even when its levelled at the university itself. Not many institutions welcome this level of internal self-reflection.
Bear in mind -- I do not work for a university and choose to work outside the sector but I believe that the University is an institution worth protecting for future societies.