Truth to be told, Engineering license requirements have a bigger effect in gate keeping the profession and keep supply restricted, much like any other regulated profession. Gate keeping has some benefits, but is easily circumvented by bad actors all the time, such as all the sham degrees that just churn out the bare minimum to pass licensing tests.
If all the licensing to architects, doctors, engineers, lawyers, and so on, really had a big impact on quality, the world we live in would be very different and better. But that doesn't happen because licensing a profession only works if quality is upheld on all steps of the professional education chain.
A lot of software companies circumvent all of these downsides of bad quality in education by raising the bar on the hiring pipeline with a bunch of tests and so on. Does it always work? No, just like licensing doesn't. But at least it keep la the profession accessible to those who are willing to study algorithms, data structures and so on.
There's no perfect system in our world, but I am glad we don't have license requirements to develop software. I am a statistician that became a dev through self studying, training and learning on the job, and I also know many others (even real engineers) that turned to this profession without graduating in the field and contribute a ton with their specific background knowledge.
Should everyone be called engineers? Probably not as it will elude to licensing the profession, but not calling yourself one decreases chances of finding another job dramatically.
A true tragedy tbh, I'd rather if everyone called themselves devs, scientists or something less loaded than engineer.