This is it. To expand on further on why it's so crazy to couple education and credentialing - already know all the material in a class? Too bad, you have to pay for it and spend time taking it anyway. Is it a class that's completely unconnected to your field? Too bad, the university is making you take it, so you take it. Is the class taught poorly, so that you need to teach yourself outside of it? Too bad, you still have to pay for it and put time into it, in addition to actually teaching yourself the subject.

The education is the major chunk of time and cost, but the credentialing is what most people are trying to get. By forcing people to buy them together, you can make people pay a lot (in terms of both time and money) for an education they find little worth in just because it's the only way to get the credentials.