My argument is that it is difficult for casual observers to assess each individual project, so we as a group outsource this job to an accredited agency, who verifies that a set of projects has been completed that match a pre-defined standard.

When I go to a doctor's office, I don't really always have time to investigate in detail the various projects he undertook.

What's at stake here is that the agency tasked with upholding the standard (the U of Manitoba) seems to have slackened the agreed-upon standard for the sets of projects involved to reach the level of "PhD in Mathematics".