As a licensed professional engineer, I find the effort exerted by various state and provincial licensing bodies to regulate the use of the term 'engineer' a bit tiresome. Yes, it's important to regulate the practice of engineering, but unlike some other types of professionals engineers rarely if ever offer their services to Joe Public. It's not like we have guys putting up billboards on the side of the highway advert…
Last time I had a discussion about this my put was that licensing is an archaic way of doing things. In short the idea is we trust the PE's signature that everything is copacetic. In more modern fields like automotive, aerospace and software engineering that idea is laughable. Everything is about process, audit and testing.
I think most product companies are essentially self-insured. If Ford releases the Pinto and they get sued, they're paying the settlements themselves, not filing an insurance claim. So they are free to use whatever method they like to verify the competence of their employees.