Oh happy days. I don't know how long this worry has been around, but the debate was well on song when I first joined the IEE as a student member. I suspect it'll still be going strong when I'm nailed in my box.
As far as I was concerned when I was a practising engineer, the status that mattered to me was the status that went into the bank each month. I had plenty status enough, thank you.
Not so now that I'm a flying instructor - but now I've got kudos.
Madam Breakneck C. Eng.