It probably depends on what one considers the objective of a university degree. If it is simply for the personal development of the student, then yes, it may not matter.

But it is supposed to be a guarantee of certain minimum competencies. If it no longer guarantees those minimum competencies, it loses a great deal of its meaning, and thus value.

There are many non-credit educational opportunities for people who are not looking for official credentials, those treat their students as customers and accordingly tend to offer more flexibility.