Yikes.
Depends on what it is you do, I suppose. I work in an industry that has very specific requirements for work to be authenticated by a P.Eng., so it was easy for me to gain relevant experience.
Being an MIT is somewhat pointless though, that much I agree about. One of my former direct reports graduated a couple years ago and quite pointedly asked me what the benefits of being an EIT were, and I told him the truth: notionally it's a little easier to get your professional licence because they'll have you in the system and you'll have already proven all the prerequisites for professional membership except experience, but you don't have to be an EIT if you don't want to.