Obviously this would go without hardly being missed.
In addition, the U.S. Department of Education, using Congressionally mandated criteria, recognizes accrediting agencies to ensure that these agencies are, for the purposes of the Higher Education Act, "reliable authorities regarding the quality of education or training offered by the institutions or programs they accredit."
ACICS will still be there, right? Everybody knows about them, even if DOE goes away.
Education is much more complex that it was even 50 years ago.
Over half of the careers that employ people today were created since 1960.