I would be really annoyed to find out that people I am sharing airspace with have huge gaps in their knowledge but managed to pass the written exams because they learned the answers to the questions and nothing else!!
That raises an interesting point. When I passed Air Law over 25 years ago, the rules were similar but with minor differences. For example, Class A, B, C etc airspace did not exist - there were just control zones, control areas, airways and so on, and there was a Cross Channel Corridor or some such. There is no requirement to demonstrate you have updated your knowledge nor means to do so if you don't read aviation mags etc.
Still I suppose it's no difference to driving on the roads - I have not read the Highway Code for 40 years and often wonder what some of the strange road signs and markings mean.