I was a professor at a university with a unionized faculty.
The department of business administration was built by the department of business education faculty who were excellent and gave it a fabulous reputation. The education department faculty were excellent in their knowledge base and teaching skills.
The university decided to go for accreditation which required a percentage of the faculty to have PhD’s in their area of expertise. The DED, Doctorate in Education held by the business education faculty did not count toward accreditation for the school of business administration.
Due to the unionized pay structure, high demand business faculty were locked to the same pay scale of the other departments where there was an excess of available faculty.
The end result was that the only PhD’s the university could hire at the pay they were offering were reject faculty who were denied tenure at several other universities.
End result, the business administration program that had been very successful took a turn for the worse as a result of going for accreditation.
It is very true that many individuals who can’t make it in the real world stay in education for the advanced degrees and are pure academic with no grasp of reality.
If an accountant, engineer, doctor or lawyer can only practice professionally by attending an accredited school, then the accreditation process is a great concern for them. For anyone else, I'm not sure it makes much of a difference.