Earlier quoted context omitted.
The value of a degree is in that the institution confirms, at any request, that said person has that degree. It's not the paper.
That’s an unnecessarily reductionist take. The value is obviously having demonstrated that you’ve completed the studies required. The degree is simply the formal proof. If a degree is revoked, that’s a secondary signal that the studies were marked as completed at one time but something later happened that was so egregious that the university felt the need to rescind any endorsements. Discovery of rampant cheating to…
I take it you are unfamiliar with what happened at Columbia University in 1968, and in particular how the university feels about it now.