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Exams-Only Universities: The University of Chicago tried it during the administration of Robert M Hutchins (1929-1951) The project failed for a lot of reasons, many of them having to do with academic politics.
To some extent, Oxford University embodies such a system because they separate examinations and grading from teaching.
A very interesting system of examinations and certifications is run by the Society of Actuaries. Fellowship in the Society is based solely on having passed a number of examinations on relevant topics. The examinations are substantive and very difficult. But, time spent sitting in a class room is irrelevant.
In some states, including both New York and California, it is possible to sit for the bar examination and be admitted without having gone to law school. I read that Kim Kardashian was trying to do that.
Given the comprehensive collapse of the system of higher education in the US due to administrative sclerosis and ideological capture, it would be a good thing to explore models that do not involve residency in toxic monocultures and years spent in drunkenness and debauchery.