Certification is a learning path that forces you out of your comfort zone.When I see someone with certs on their resume, I at least know they tried to get out of their day-to-day tasks and learn new things. I'll grill them to be sure they didn't just cram it with no lasting value, but it's a start.
Sure, many historical certs have had their share of marketing built in, but the Master exams were a different beast, and applying that format (a lab exam - 'this is broke, go fix it', 'this is slow, make it fast', etc.) everywhere would bring the validity back. They could even publish the test 'questions' without violating the integrity of the test - if you know "you will need to build an AG on a cluster given a list of server names, IP addresses, instances, and backup folders", then you cram for it by actually building AGs as practice.
Make the tests task-and-skill-based instead of trivia exams and they're useful to the learner as a learning tool and showing what they can actually do, and useful to a hiring agent because the candidate has demo'd a list of skills.
If you're going to rep yourself as certified, though, be ready to pass that test long after you've taken it. I was a contractor helping with one of the exams, and I've seen some really wide eyes on candidates when they point out they passed that exam and I say "I helped write that exam... I recall we asked a number of questions about [topic]..."