Someone with a PE license has met the minimum requirements from the state. Nothing else can be garnered from someone possessing a license. The minimum requirements have, historically, resulted in engineers who put out public facing designs that, more often than not, do not bring harm to the public. I can tell you first hand that sometimes the guy with a license who is actually at “the minimum” does not always put out something that is safe.
Still, I'm glad professional licensure is required. That's what will prevent these folks from quietly rebranding and designing another disasterous bridge tomorrow.
Particularly lately I have seen an increase of (otherwise very good, smart and qualified) engineers and architects with no or very little on-site experience, that produce beautiful and valid drawings/designs that cannot be "as they are" realized in practice.