Yes the monopolization of accreditation and knowledge is the fundamental problem. It's an educational caste system as I've written about.

I also believe the confusion of being educated with being trained is at the root of this problem. When you need to be trained, say as a airline pilot a credential is essential to validate your skills, though this isn't the same with being educated; how are you suppose to validate someones knowledge on history, literature, or other "useless" knowledge domains?