I'll chime in here....with a whole different perspective.
I think it's REAL simple, unless you have passed the EXAM, you may do engineering work, but you're not an engineer.
I do NOT have a college degree, so my take on it is much different than most. Many may not think I should even be allowed to sit for the exam, but those that know me, and worked with me over the years might debate it on my behalf. I worked for 20 years, putting in 14-16 hour days for a company that treated me like a disposable employee, even though many times my duties were on the same level as any PM they had, the entire time I was planning on doing what I did. As soon as I got to the 20 year mark I started studying nights and weekends to take the PE exam. I took review courses, I took online courses, I bought books, cd's dvd's...whatever it took to pass the test. By the time my FORTH attempt rolled around I probably didn't miss more than 2-3 questions. The test was actually pretty easy to me.
NOW, from someone that came from the side of the fence with NO degree, to getting the test behind me, I can tell you that I more than most would want to protect the integrity of the title "Engineer". I would also NEVER recommend to anyone take the route I took. I so wish I had done this 20 years ago, but you can't go back.