1) virtually nothing on the ME test was related to what I do as an aircraft stress analyst.
2) the PE does not weed out the incompetent; I once had a PE try to convince me that the stress in an axially loaded bar was 2P/A, since there was a load P at each end; I finally gave up arguing as even a free body diagram went over the person's head.
3) once you pass a PE exam, you can become completely incompetent but still retain the PE license; yes you have to take a few PDH courses every couple of years, but even that's easy to game.
4) I could probably pass any of the PE exams (except probably the SEII/III) with a bunch of studying, but I would still be close to incompetent in most of those areas.
/rant off
SW