Is competency based credentialling the next big thing in higher education?

Some 600 schools, said to be developing such programs, apparently think so.
https://www.insidehighered.com/news/2015/09/10/amid-competency-based-education-boom-meeting-help-colleges-do-it-right?utm_source=Inside+Higher+Ed&utm_campaign=0535072d99-DNU20150910&utm_medium=email&utm_term=0_1fcbc04421-0535072d99-198501157 

What's the down side?

Well, for universities that make most of their money selling credits, rooms and meal plans, this could cut into their budgets even more than what's happening in private-sector higher ed right now.

But maybe we are talking about a population that is of non-traditional age and unlikely to become campus-dwelling full-time students anyway.

 The US high school graduation rate hit a record high of 81 % last year.
http://www.ed.gov/news/press-releases/us-high-school-graduation-rate-hits-new-record-high
Many crowed about that.  But are you kidding?  That means 19% of our young people didn't get high school diplomas on time.

Less than 30% of the US adult population has a bachelor's degree... which I would argue is the functional equivalent of a high school diploma 100 or even 50 years ago.

So, if credentialing via competency is a way to improve those numbers, and if the process is legit, I'm on board.