I think there’s an influence, but it’s amplifying a pre-existing trend. Bureaucratic societies favor formal credentials. The U.S. has become much more bureaucratic since the mid-20th century, and credentialism has grown. Reliance on degrees and other formal credentials also enables the universities to achieve political goals through admissions and grading policies. Asian immigrants in the U.S. have readily adapted to that system.
it's one thing to hire some people for some roles with this sort of, diamond in the rough mentality. obviously that can be a good idea. but in my experience, if you try to take leadership in that way, you are spending most of your time persuading other people that it's a good idea, which they will reject, and consequently, it's of little influence.
then you look at people who become bosses who lack credentials (or whatever), and you find out it's only because they drop out of their competitive colleges to be fabulously successful. the true weirdos out there - whatever held them back from "credentials" doesn't stop them from becoming fabulously wealthy, but rarely do they go and hire anyone else. like they do not create enterprises, teams or even families. do you get it?
The problem with credentialism is that the credential becomes the end, not a means to an end. There is a huge problem in India that there are far more people with credentials (often of dubious worth) than jobs for those people. The culture is very focused on “the track,” where you get the credential then go to the job unlocked by the credential. But the problem is that there’s very few people actually starting the businesses and creating jobs that would hire degree holders.
Between increased regulation and greater competition for jobs, the degree requirements keep going up in a lot of/most industries. I also think there is a tendency for those that have reached a level of educational attainment to push back on others without equal numbers of checkmarks. Once a role is populated by MBA, PhD, MS or even BS, individuals don't like to see others doing the same work with less credentials. Maybe it's a 'I had to do this, so you do too' mentality or a sense that it devalues their own credentials.
The thing about it is I view it similarly to how in the past "well-roundedness" and "leadership" was part of hiring and admissions. We laugh at that now but my understanding is the SAT score can be improved with long term studying. So intensive SAT studying seems like a new thing that isn't evenly practiced among people in the US. So at worst SAT score usage seems like a way for an elite group to preserve and replicate itself. I have no SAT score so I feel somewhat outside of this debate and have no experience with it.