The thing with infosec is that no matter if you're a consultant pen tester or an in-house member of a blue team, a high proficiency in technical writing is required. And few certs demonstrate that the person is a good technical writer. It's not enough to know the answers to multiple choice questions. It's not even enough to know how to exploit things. If you don't understand something well and can discuss it in techn…
Break it down to a 4th grade level, if you can't, you likely don't understand it yourself.
I would agree that in general certs have too much weight, but the reality of it is, as it stands, they're the closest bridge / standardization that the market has built for non-Security ilk.
Also, Security is not IT. That's another thing that needs to change.
As for OSCP, I think it's great and out of all the certs i've taken for various reasons, it's the only one I felt challenged with, in a good way.