I have no doubts whatsoever about the importance of academic qualifications, having acutely felt the lack thereof in my own field - i.e. electrical engineering.
(Unfortunately, most of my knowledge and expertise has been picked up by experience, in which Murphy's Law No.7 played a major role: "Experience gained is in direct proportion to the amount of equipment destroyed!")
I am, though, puzzled by those who seem to equate "dumbing down" with humility. It seems to me much like trying to class religion and ethics as the same thing.
At different times, I have been privileged to work with some very highly qualified persons. Despite their impressive qualifications in electrical engineering, these individuals did not attempt to overawe the rest of us by flaunting their academic achievements at every opportunity. Rather, they commanded great respect by both being the persons that they were, and by the excellent quality of the work that they turned out.
Conversely, the only engineer that ever tried to bully the rest of us with his (supposed!) status turned out to in actual fact be rather ordinary - both in qualifications and ability. (Not to mention being a right #$%& as a person!).
Bill.