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.