Many engineers in the US do not have PEs even when it's an option. If you're not having to sign off on regulatory agency-related documents, potentially doing expert witness-related work, etc. there's no need for it.
I started the process at one point in mechanical engineering (engineer in training exam) but moved on to a different type of job so there was never a reason to get the certification.
I understand most engineers work under industry exemptions. The ones that do not will have to work under a PE or be a PE themselves. In those cases, the work has been determined important enough to require the additional accountability of a PE stamp.
I'm not a big fan of credentials, but I understand when credentials become a proxy for something valuable. In some cases, the value of a PE is accountability and the legal authority for a PE to push back when they are being asked to do something unethical/unprofessional. I think one of the central issues of this thread is that the credential of a college degree has become so watered down that it has lost a lot of value.
I started the process at one point in mechanical engineering (engineer in training exam) but moved on to a different type of job so there was never a reason to get the certification.