I agree with you, but I have to say that it's a shallow corporate world we live in, and companies are more and more measuring their candidates' eligibility by their certifications, instead of their skills and years of experience. Also, do not forget that lying in the CV is becoming the norm rather than the exception. I receive a lot of CVs in my current job and I can feel (without being sure) that the person is lying by just reading the first few lines.
The PgMP is, in my opinion, one of the hardest certifications in any domain. There are only a few hundred PgMP certified Program Managers, which says something about the exclusivity of this certification. Everyone knows that it's very hard to become a PgMP, and that the eligibility requirements are quite steep. So, when someone applies to a company and he has a PgMP, the company is 100% sure that that someone is indeed a program manager, and he managed several programs before applying for this job.
Granted, when you're a Program Manager you most likely have all the connections to find another job easily. But sometimes, all your connections fail you (we've all been there), and at these times, your best bet is to rely on that PgMP certification to land you a job that suits your experience.