I agree, that'd probably be the best model for most of the world, but it's unlikely to fly in the US. But that's ok: they can have commercial certifying entities, and otherwise, it could be a government function.
but that's the odd part, most of the rest of the world doesn't need that because they have government funded universities without a profit motive. the problem that this system adresses is the conflict of interest of for-profit schools. and that problem is most prevalent in the US and a few other countries where private universities dominate. essentially it is a system that should be used for any private schools to ensure their quality